(ii)
UK/HONG KONG TRADE
Background
Our exports to Hong Kong are mainly capital goods and a range of high-quality consumer items and totalled £112.6M during the first eight months of 1976; imports in the same period were £249.8m with clothing and textiles accounting for 65% (and 50% of all Hong Kong's exports). The trend over the last decade has been towards a widening gap in the Colony's favour reaching 2:1 in 1975 (UK imports £306.9m against exports of £157.4m). However, there has been recent success for British exporters over the Mass Transit Scheme (see paragraph 2 below) and other major projects, such as the development of Lantau Island as a holiday resort and a second airport, should offer good future opportunities. A major portion of Hong Kong's textile exports have now come under restraint as a result of the EEC/Hong Kong Agreement concluded under the GATT Multi-fibre Arrangement.
Mass Transit Underground Railway Scheme
2. British companies achieved considerable success in winning a major share of mechanical and electrical engineering ontracts awarded in August as well as a number for civil engineering announced earlier in the year. Major awards include the prestigious rolling-stock contract to Metro-Cammell Ltd of Birmingham (valued at £35m) and the civil engineering for two underground stations (also valued at £35m) to J K Kier & Co Ltd.
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