December 9, 1999
(Industry, Trade and Technology)

The following statement was issued today by Sandra Kelly, Minister of Industry, Trade and Technology. It was also read in the House of Assembly:

I am pleased to rise before the House today to inform my honourable colleagues of a new business endeavour in this province.

This afternoon, I will be participating in a news conference for the announcement of the Newfoundland and Labrador Development Corporation.

This company is a unique partnership with Taiwan and Newfoundland and Labrador businesses, which will identify industrial development opportunities in the province.

The company is supported by a major shareholder, the Yao-Hwa Investment Fund in Taiwan, which has executed a share purchase for $7.39 million CDN that will give the fund a non-majority position in the company.

This partnership came as a result of a relationship that developed between my department and a businessman from Taiwan, Mr. Tim Lo.

My predecessor, Minister Foote, played a key role in this ongoing relationship while in the Industry, Trade and Technology portfolio.

Following a government visit to Taiwan, led by Minister Foote last year, and a subsequent Taiwanese delegation visit to the province in June of this year, a new business partnership has developed.

During the course of our relationship with Taiwan, we introduced Taiwanese business leaders to our province's private sector business leaders. Today, we see the successful result of this, and a new company has been established, Newfoundland and Labrador Development Corporation (NLDC).

In fact, I just returned yesterday from a business visit to Taiwan to finalize the arrangement, and to witness the formal establishment of the company and receipt of the funds.

The head office will be here in St. John's, and there will be a branch office in Taiwan.

My department has been pleased with the results of this endeavor to date. This initial investment serves as a starting point to study the feasibility of economic development opportunities in Newfoundland and Labrador.

It clearly demonstrates what we have known for a long time - that the world sees this province as a good place to invest.

Our intention now is to let private enterprise do what it does best: to operate this company to the best of its ability and to build a stronger economy in this province.

My department will of course work closely with NLDC to offer advice, and assistance.

I would like to welcome Mr. Tim Lo, the Taiwanese partner, and Mr. Brian Dobbin, the Newfoundland and Labrador partner, to the gallery today.

I know that they have both worked diligently to bring this idea to fruition.

I invite my honourable members to join me in welcoming this new company and in wishing them every success in developing our economy.

1999 12 09 2:30 p.m.