Minister returns from China mission

Judy Foote, Minister of Industry, Trade and Technology, recently returned from Beijing, Shanghai and Hong Kong, where she participated in a trade mission led by federal Minister of International Trade Sergio Marchi.

In Beijing, Minister Foote gave an investment seminar to potential investors on doing business in the Newfoundland and Labrador, discussed immigration issues with staff at the Canadian Consulate regarding individuals from China interested in studying in the province, and met with officials from the Chinese International Trade and Investment Corporation (CITIC).

In Shanghai, she met with the Deputy Minister responsible for fisheries, the Mayor of Shanghai, officials with the Foreign Enterprise Service Company (FESCO), and officials of the Bao Shan Steel Company, the largest steel manufacturer in China. Minister Foote also met with government officials and manufacturing representatives from He Bei province, who are interested in exploring joint ventures for the purpose of manufacturing and exporting into the North American marketplace.

In Hong Kong, she joined Minister Marchi for meetings with Hong Kong's Chief Executive of Central Government Office, Mr. Tung Chee Hwa, and Chief Secretary of Administration, Mrs. Anson Chan, Vice President of Administration. Minister Foote also gave an investment seminar to potential investors on doing business in the province in conjunction with the Hong Kong Shanghai Banking Corporation. She also met with the Hong Kong Trade Development Council, which is sending a delegation to participate in Softworld `98 to be held in St. John's in September.

At the conclusion of the federal mission in Hong Kong, Minister Foote travelled to Tiawan, where she met with high-level government officials and influential businesspeople who expressed an interest in investing in Newfoundland and Labrador. In Tiawan, she met with Premier Vincent Siew, several senior ministers of the Cabinet, the mayors of Taoyuan County and Dashi City and several influential representatives of the business community. She also visited Compal Electronics, the third largest computer manufacturer in the world, and toured the Science Industrial Park that acts as an incubator facility for new dynamic and innovative companies involved in growth industries.

In each of the four locations, Minister Foote took the opportunity to promote the results of the KPMG study that named St. John's as the lowest cost location in North America and Western Europe to do business. She added that mainland China and Tiawan holds a great deal of promise for potential investment and joint venture opportunities for companies in particular sectors in Newfoundland and Labrador. She said, "In the area of construction, for example, Canadian exports of construction products, materials and services to China more than doubled between 1992 and 1996. As China continues to grow and expand, incomes of urban dwellers continue to rise, and the demand for high quality, energy efficient housing will also increase which means real opportunities for our companies involved in the construction industry. In Shanghai alone, there are currently 22,000 construction projects underway."

The first followup meeting to come out of the mission will take place in April, when one of the contacts made will visit the province to pursue potential business opportunities. Minister Foote said planning is also underway to receive a delegation of senior businesspeople and government officials from Tiawan here in the province in July.

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