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islands or small peninsulas. As such, they are vulnerable in a
particular way and deserve sympathetic consideration.
4.
Hong Kong
(a) (If a Board member queries UK's request in view of
Hong Kong's change of status in 1997).
United Kingdom is presently responsible for Hong Kong's international relations and on that basis we request Hong Kong's designation as a developing member country for the purposes of Article 14. We understand that the Government
of the Peoples Republic of China have no objections to this. After 1997 Hong Kong will be part of the Peoples Republic of China which is, of course, a Category Two country under the Convention to HKC cuffe '97 Convention
The exact method of the application
of the IMIGA
will be the subject of discussin
betwen
MK/PRC in the
Cause
(b)
(If a Board member challenges the appropriateness of
"developing member country" classification for one of
Asia's economic dragons).
At least one other so-called dragon (Korea) is a Category
Two member of MIGA. Another (Singapore) is also classified
as Category Two in the Convention although it is not yet a
member. Why should Hong Kong be treated differently?
Moreover, IFC's Board of Directors approved investments in
Hong Kong last year without any dissenting voice. Why should MIGA treat Hong Kong differently? [If challenge
comes from US Executive Director. US investors are the
largest source of overseas investment in Hong Kong's
manufacturing sector. DMC status for Hong Kong would thus
provide extra comfort for US investors.]
5.
Falkland Islands: (If any Board member challenges UK's
right to request developing member country status). The Falkland
Islands are a British dependent territory and the British
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