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Complementary role

I refer to the article 'Switch mainland factories to HK, says Tung' (September 9), which reported a speech by Chief Executive Tung Chee-hwa at the 7th China International Fair for Investment and Trade in Xiamen on September 8.

Mr Tung did not, as your headline suggests, ask mainland factories to move to Hong Kong.

What he said was that the Closer Economic Partnership Arrangement would make Hong Kong a more attractive manufacturing base for both mainland and international investment, particularly in our higher value added industries.

He pointed out that Hong Kong's rising generation of manufacturers would not engage in industries already well developed by our neighbours. Instead, Hong Kong would develop its own special characteristics to complement the manufacturing sectors of our neighbours, or work in partnership with them.

Mr Tung also pinpointed other areas where Hong Kong offered enormous opportunities: capital formation, asset management and business operations. The government will continue to upgrade Hong Kong's financial infrastructure and improve the investment environment to help enterprises raise capital, manage assets and do business with global markets.

W. K. LAM, Director, Chief Executive's Office

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