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April 9, 1997
(Industry, Trade and Technology)

Minister pleased with response to Immigrant Investor Fund

Charles J. Furey, Minister of Industry, Trade and Technology, announced today that 31 units of the province's Immigrant Investor Fund have been sold, primarily to investors in Hong Kong, Taiwan and Korea. The units, worth $250,000 each, represent a potential value to the Fund of $7,750,000. Mr. Furey said he is encouraged by the strong interest in the fund and is confident that investment in the fund can be maximized by the June 30, 1997 deadline date. In order to be operative, the fund must successfully sell a minimum of 14 units, which has already been reached.

The fund will permit potential investors to obtain a Canadian Visa providing they meet criteria set up by Citizenship Immigration Canada. Applicants must: have proof that they have amassed the equivalent of $500,000 Cdn. in net personal worth as a direct result of having controlled or operated a successful business; agree to invest a minimum of $250,000 Cdn. 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.

The fund was launched by Premier Tobin in early January in South Korea during the Team Canada mission and followed by a marketing mission to Hong Kong and Taiwan by Minister Furey in February. The province's exclusive distribution and escrow agent, the Hong Kong Shanghai Bank Group (HSBC), is promoting the fund, which will be used for public/private infrastructure projects in the province.

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