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February 19, 1997
(Industry, Trade and Technology)


Minister to promote Investment Fund

Charles J. Furey, Minister of Industry, Trade and Technology, will articipate in marketing seminars to promote the government's recently launched Immigrant Investor Fund in Hong Kong and Taipei from February 24 to 28.

The Immigrant Investor Fund, launched by Premier Brian Tobin in early January in South Korea during the Team Canada mission, will permit potential investors to obtain Canadian Visas providing they meet criteria set up by Citizenship Immigration Canada. Applicants must: have proof that they have amassed the equivalent of $500,000 Canadian in net personal worth as a direct result of having controlled or operated a successful business; agree to invest a minimum of $250,000 Canadian in an eligible Canadian fund or business, approved under the Immigration program; have a good health record and no criminal record. All potential investors must apply for a Canadian Visa at a Canadian Embassy or Consulate.

Mr. Furey, whose department has the responsibility for marketing that fund, says that seminars are the next step in "selling" the fund to potential investors and represents a great opportunity to build on the momentum gained from the launch by Premier Tobin. "This initiative is an excellent opportunity to develop contacts overseas and to attract new investment to the province," says Furey. "We are told by our agents that the timing is right to get out and promote the fund in key market areas, Hong Kong and Taiwan. With control of Hong Kong reverting back to China later this year, we hope to capitalize on the strong interest there. As well, Taiwan holds the world's largest pools of foreign capital and is concerned with China's stated one-country policy."

He added that the government is looking at creative ways to raise funds to assist in overall economic development of the province. He said: "The fund is another tool that we can use in promoting infrastructure development that we would otherwise have to forgo or take money from other areas like health or education to complete."

During the mission, the minister will participate in seminars to provide potential investors, immigration officials, lawyers and consultants with in-depth information on the fund and other investment opportunities available in the province. There has been a strong interest in the fund to date, with 15 of the 140 available units already sold.

Prior to the minister's arrival in Hong Kong and Taipei, the Hong Kong and Shanghai Bank Group (HSBC), the exclusive distribution and escrow agent for the fund, will conduct an advertising campaign to promote the fund. The HSBC Group is one of the world's leading international banking and financial services organizations with major consumer, commercial and investment banking and insurance business.

Contact: John Doody, Director of Communications, (709) 729-0050.

1997 02 19 10:00 a.m.

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