manufacturing sector largely in order to attract the expertise in engineering
technology needed in Hong Kong. The Hong Kong Government office in London has
recently opened an industrial investment office in order to encourage UK Invest-
encourage
ment. However in line with their general policy of non interference, no specific
incentives are offered. According to the most recent available figures (1981);
the UK has about a 6.9% share (HK$486 million) of total overseas industrial
investment in Hong Kong compared with 75% held by the USA and Japan combined.
UK banks and other service industries are however strongly represented.
Energy
5. Hong Kong imports coal and oil and related materials to the value of about
HK$11 billion.
6
With the development of oil exploration in the South China Sea there are
hopes that Hong Kong will play an important role, being well equipped to offer
the technical, financial and other important support services. A limiting
factor on Hong Kong's involvement in this area is that the Chinese are insisting
that most of the work be undertaken within their borders with the establishment
of oil support basés on Chinese soil, and with preference given to Chinese
suppliers of goods and services where these are competitive.
OT4/2C
December 1982
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