Budget Speech

Fostering Economic Diversification

102.      To foster sustainable economic development in the long run, the Government is rolling out support measures for the six industries where we enjoy clear advantages. Despite our economic contraction in 2009 due to global recession, the six industries in the private sector contributed over $120 billion value added to our economy, three per cent higher than that in 2008. The share of these six industries in GDP rose from 7.6 per cent in 2008 to 8.0 per cent in 2009. These six industries also employed over 390 000 people, representing an increase of 1.7 per cent over 2008.

103.      Apart from developing the six industries, we are also committed to promoting wine trading and exploring opportunities in emerging markets to promote the diversification of our economy. Before I touch on these, I will give a brief account of the development of these six industries.

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