Advertisement

Call to rely less on state

Reading Time:1 minute
Why you can trust SCMP
0

The Federation of Hong Kong Industries has said Hong Kong's private sector should invest in creating value-added industries on its own accord and not wait for government hand-outs.

Federation chairman and Executive Council member Henry Tang Ying-yen said: 'We can't depend on the Government for investment and money, we need the private sector's own initiative.' But Mr Tang yesterday called on the Government to provide the stable economic environment to boost investor confidence.

'High interest rates are painful, but it is also the volatility that is hurting,' he said. 'There are a lot of people with money in the bank to spend and invest, but only their pessimism about the future holds them back.' He said creating value-added industries was not necessarily rocket science, but was about finding niche markets.

'We've got companies here producing brand-label fashions that are definitely value-added . . . it's just helping them find that niche.' Mr Tang said the Government's policy review on the future of local industry - soon to be released - would include some suggestions along these lines.

'We have a lot of expectations for that policy paper.' Mr Tang added that there would be some proposals for industry 'not considered before'.

Advertisement