ENG-1997 — Page 141

Electronics

26.7% ($56.466 billion)

TRADE AND INDUSTRY

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Clothing

34.2% ($72.228 billion)

Textiles

6% ($12.655 billion)

Watches & Clocks

5.1% ($10.798 billion)

Chemical

3.8% ($8.077 billion)

Jewellery

Others

21.7% ($45.853 billion)

2.5% ($5.333 billion)

Chart 2: Value of Domestic Exports of the Manufacturing Sector in 1997

External Investment

The Industry Department promotes and facilitates overseas investment in the industries of Hong Kong. It maintains a One Stop Unit in Hong Kong which works closely with seven overseas Investment Promotion Units in North America, Europe, Japan and Australia. Together, they provide advice and assistance to potential overseas investors in developing and implementing their investment plans in Hong Kong.

Surveys conducted by the Industry Department and Census & Statistics Department show there were 403 foreign-owned manufacturing companies and 4 477 foreign-owned non-manufacturing companies in Hong Kong at the end of 1996. Total stock of direct investment amounted to $532.6 billion at original cost. Charts 3 and 4 give further information on the industries and source countries of the external investment. These foreign-owned companies together employed 326 921 people (i.e. 13 per cent of Hong Kong's total employment). Foreign-owned manufacturing companies accounted for 36 per cent of Hong Kong's total domestic exports.

Another Industry Department survey identified 2 307 overseas companies which had established regional headquarters or regional offices in Hong Kong by mid-1996, to co-ordinate their business activities in the region.

To provide additional assurance to overseas investors, Hong Kong has concluded 13 bilateral investment promotion and protection agreements with its major investment partners, including Australia, Austria, Belgium/Luxembourg, Denmark, France, Germany, Italy, Japan, Korea, the Netherlands, New Zealand, Sweden and Switzerland.

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