CODE 18-77
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these require that the investor should not be a national of the host country. Many Hong Kong belongers are of course also PRC nationals, but a non-PRC national could meet the requirements of Article 13. In that case, his investment in the PRC could be guaranteed by MIGA. This would, of course, be subject in any case to PRC approval under Article 15.
6.
I should say that I also do not understand Q5. Surely Hong Kong will be able to participate in MIGA before 1997 only by virtue of UK participation, and not by virtue of PRC participa- tion?
7.
Finally, the telegrams refer at various points to the question of deferral of the UK ratification. Although this is really a matter of policy, I should point out that HMG have frequently indicated that they intend to ratify the Convention
soon as possible when the relevant legislation is in place. I imagine (and ODA will no doubt confirm this) that further delay would be most unwelcome to ODA Ministers.
2.
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John Grainger
John Grainger