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only 5% of total foreign investment in the UK. The English language, a pro-business environment, good industrial relations, fine golf courses and the chance of the European social chapter all help to number Britain the preferred destination for Japanese investment.
In addition to manufacturing investments, a number of Japanese companies have recently established research and development facilities. This is a trend which represents a major commitment of research and technology resources to the UK.
We in the Government have been trying to raise the UK's profile in other countries in the Asia-Pacific region.
A major British investment seminar was held in South Korea in October 1992 following the success of an earlier event in May 1990. Nine Korean manufacturers have invested a total of over £3 million in the UK.
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Taiwan manufacturers have so far invested mainly in the US and the Far East. Unlike Korea, most Taiwanese companies are small to medium in size and their investment decisions are taken with caution and a long lead time. But given that Taiwan has been, and continues to be, the fastest growing country this century and has the highest level of foreign reserves in the world - want to encourage Taiwanese business to put its money here. So far only four companies have done so. Three sponsored inward missions have now taken place, during one of which seven Taiwanese industrialists were taken on a familiarisation trip to key sites in Staffordshire.
[Inward investment into the UK from Hong Kong is not significant in comparison with the manufacturing interests of other countries. Hong Kong investment around the world has traditionally developed within Chinese communities in South East Asia, Australia, California and Taiwan. Hong Kong businessmen also continue to see commercial and political advantage in fostering relations with China. But we are now making positive efforts to attract Hong Kong investment to this country. seminar was organised there in November 1991 which attracted an audience of almost 100 local companies and the first ever inward mission from Hong Kong to visit the UK took place in June 1992. Another has been organised for March this year.]
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[So, as you can see, the possibilities are there and we are doing our best to exploit them.
There is much that you in Staffordshire can do to complement our efforts.
The Scots may have hijacked the Staffordshire Development Agency's acronym. But neither they nor anyone else can appropriate your unrivalled location at the centre of Britain's manufacturing heartland. have excellent transport links and some highly regarded universities and exemplary links between them and industry. And your pioneering work in promoting ties with Europe will stand you
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