ENG-1993 — Page 115

INDUSTRY AND TRADE

Printing

The printing industry has grown significantly in the past two decades. Most manufacturing industries in Hong Kong produce mainly for export, but the majority of the output of the printing industry is for local consumption. In addition to printing books, newspapers and periodicals, the industry supports other manufacturing industries by providing packaging printing services. In 1993, the industry employed 40 918 workers (eight per cent of total manufacturing employment) and earned $4,447 million in exports (two per cent of total domestic exports).

Other Industries

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Other important light manufacturing industries include jewellery, metal products, toys, food and beverages, industrial machinery, household electrical appliances and photo- graphic and optical goods. The development of the metal products and industrial machinery industries has enabled Hong Kong to produce sophisticated parts and components, and other semi-manufactures of high quality. This has benefited the manu- facturing sector in general as the quality of finished products depends heavily on the capability of the linkage industries which service them.

Hong Kong's shipyards provide a competitive repair service and build a variety of vessels. Several large ship-building and repair yards on Tsing Yi Island provide services to the shipping industry, and construct and service oil rigs. Hong Kong's aircraft engineering industry has a high international reputation and provides extensive maintenance and repair services. Facilities are available for the complete overhaul of airframes and engines for many types of aircraft.

Overseas Investment in Manufacturing

There were 472 manufacturing companies in Hong Kong with overseas investment at the end of 1992. The total value of direct overseas investment was $37,279 million. The 472 companies employed 72 148 workers (12.8 per cent of total manufacturing employment) and accounted for 23 per cent of Hong Kong's total domestic exports. The main sources of investment were Japan (33 per cent), the United States of America (27 per cent), China (11 per cent), and the United Kingdom (five per cent). More than three-fifths of this investment was concentrated in four industries: electronics (31 per cent), electrical products (11 per cent), textiles and clothing (11 per cent) and food and beverages (seven per cent).

Documentation of Imports and Exports

As a free port, Hong Kong keeps its import and export licensing requirements to a minimum. A wide range of products do not need licences to enter or leave the territory. Where licences or notifications are required, they are intended to achieve two main objectives. Firstly, they help Hong Kong to fulfil its international obligations to restrain exports of textile products and to monitor the flow of these products into Hong Kong. Secondly, they are imposed on health, safety, environmental, security or anti-smuggling grounds. Items covered include strategic commodities, reserved commodities (namely, rice, frozen meat and frozen poultry), pharmaceutical products and medicines, pesticides, left-hand drive vehicles and ozone-depleting substances.

Hong Kong maintains a certification of origin system that enables the origin of goods which Hong Kong exports to be established. The Trade Department administers this

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