***********************************************************
Following is the transcript of remarks (English portion) by the Chief Executive, Mr Donald Tsang, at a media session after the fifth meeting of the Task Force on Economic Challenges at Conference Hall, Central Government Offices New Annexe, Central, today (June 22):
Chief Executive: I will now say a few words in English. The Task Force on Economic Challenges has just held its last meeting.
Today, we discussed the potential for developing the six industries where we believe Hong Kong has an edge, and we came up with some specific proposals.
In earlier meetings, TFEC concentrated on formulating some immediate measures to stabilise the economy and to boost employment. We then turned our focus on Hong Kong's medium and long-term economic growth prospects. In this context TFEC identified six industries with good potential and then set about engaging the community in an in-depth discussion.
The six industries are all knowledge-based. Like many other developed economies, Hong Kong can only sustain its long-term growth as a knowledge-based economy. To develop this we need at least three things.
The first is talent. We need to nurture our local talent. At the same time, we have to attract talent from around the world.
The second is market. Hong Kong has a relatively small domestic market. So, we need to look for customers for our goods and services in the Pearl River Delta, in the Mainland, in Asia, and indeed, in the rest of the world.
Third, we need to make best use of Hong Kong's brand name. To the outside world, Hong Kong embodies professionalism, integrity, judicial independence, efficiency, a free and clean society and free flow of information. This brand name, embodying the host of "soft powers", can be leveraged to draw customers from around the globe.
To use these advantages to the full, we need targeted policies and measures.
The TFEC believes that the Government should play a key role in helping these six industries to develop. It has proposed a number of measures. I would like to highlight some of the key measures we are going to take.
On education, we will reserve two sites in the urban area for private tertiary educational purposes. We will announce the details by the end of the year.
On medical services, we will reserve four sites for private hospital development, and will invite expressions of interest by the end of the year.
On testing and certification, we will establish a Hong Kong Council of Testing and Certification three months from now to promote the professional standards and international recognition of our industry. The council will work with the industry to formulate a three-year market-oriented development plan within six months of its establishment.
On the environmental industry, the Government will take the lead in making Hong Kong a green city, through legislation and specific measures including: expanding the scope of green procurement; stopping the purchase of incandescent light bulbs; and formulating guidelines and providing new resources to encourage departments to procure green products.
On innovation and technology, we will actively explore the possibility of new financial or tax incentives to encourage the private sector to increase investment in research and development.
On cultural and creative industries, we will actively promote the interest and ability of Hong Kong people, particularly our youths, to appreciate art and culture, and provide more opportunities for artists to perform and display their works. We will consider how to expedite the retrofitting or redevelopment of under-utilised industrial buildings for use by cultural and creative industries.
One common limitation facing the further development of these six industries is a shortage of land resources. We know that this may not be a problem that the market can resolve entirely on its own. The Government will adopt an open mind in tackling this limitation so that the full potential of the six industries may be realised.
As the work of the TFEC draws to a close, I would like to thank all members for their hard work in the past months.
My thanks also go to the Executive Council members, and others who participated in the earlier focus group discussions. They all contributed valuable ideas culminating in today's recommendations.
Thank you very much.
(Please also refer to the Chinese portion of the transcript.)
Ends/Monday, June 22, 2009
Issued at HKT 18:40
NNNN
Windows Media format
Real Media format