XN000022-1990-05-24 — Page 2

THURSDAY, MAY 24, 1990

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CANADA HAS REAL KINSHIP CONNECTION WITH HK: GOVERNOR

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CANADA AND HONG KONG HAVE A REAL KINSHIP CONNECTION 70,000 HONG KONG STUDENTS WHO HAVE GRADUATED FROM UNIVERSITIES AND RETURNED HOME HAVE BUILT UP A NETWORK OF CONTACTS THE GOVERNOR, SIR DAVID WILSON, SAID IN TORONTO ON (MAY 24).

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AND

THE

CANADIAN

BUSINESS THURSDAY

"EACH MIGRANT IS ALSO A POTENTIAL BUSINESS LINK. THAT IS ONE OF THE REASONS WHY BUSINESS BETWEEN US IS BOOMING, HE SAID.

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SPEAKING AT THE UNIVERSAL SPEAKERS' FORUM LUNCHEON, SIR DAVID SAID IT WAS HARDLY SURPRISING THEN THAT SIX CANADIAN PROVINCES ONTARIO, ALBERTA, BRITISH COLUMBIA, MANITOBA, SASKATCHEWAN AND QUEBEC

HAD SET UP COMMERCIAL OFFICES IN HONG KONG.

"SOMB 70 CANADIAN COMPANIES HAVE BRANCHES OR SUBSIDIARIES IN HONG KONG. ANOTHER 400 ARE REPRESENTED IN HONG KONG, HE SAID.

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"PARTLY AS A RESULT, TRADE IS BOOMING. IMPORTS OF CANADIAN GOODS HAVE RISEN NEARLY 40 PER CENT OVER THE LAST TWO YEARS, HE ADDED.

SIR DAVID SAID THAT HONG KONG WAS A MAJOR MARKET FOR CANADIAN WOOD PRODUCTS, PAPER BOARD, NEWSPRINT AND PULP, AND THE COUNTRY ALSO SOLD US PLASTICS AND PRECIOUS METALS, AS WELL AS SOPHISTICATED COMMUNICATIONS EQUIPMENT.

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"THE MAPLE LEAF IS A BEST SELLER YOU ARE IN FACT OUR LARGEST SUPPLIER OF GOLD COINS TO THE TUNE OF WELL OVER C$600 MILLION LAST YEAR. YOU ARE ALSO ·A MAJOR SUPPLIER OF GOODS TO THE HONG KONG GOVERNMENT, SIR DAVID SAID.

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THE GOVERNOR

POINTED OUT THAT, TRADITIONALLY, THE BALANCE TRADE, PARTICULARLY IF GOLD COINS WERE LEFT OUT, HAD BEEN IN HONG KONG'S FAVOUR. BUT THE BALANCE OF DIRECT INVESTMENT FLOWED STRONGLY THE OTHER WAY.

SIR DAVID SAID CANADIAN INVESTORS WERE, OF COURSE, WELCOME, ADDING: "THERE ARE 17 FACTORIES IN HONG KONG WHOLLY OR PARTLY OWNED BY CANADIAN INTERESTS. THEY PRODUCE WELL OVER C$100 MILLION IN GOODS A YEAR, MAINLY FOR EXPORT."

CANADIAN INVESTMENT WAS ESPECIALLY WELCOME BECAUSE OF WHAT IT BROUGHT IN THE WAY OF NEW TECHNOLOGIES AND UPGRADING OF SKILLS, НЕ ADDED.

THE GOVERNOR SAID THAT LINKS BETWEEN HONG KONG AND TORONTO WERE NUMEROUS, STRONG AND WERE GROWING. "THEY GO BACK A LONG WAY. THEY HAVE GROWN WITH EVERY HONG KONG STUDENT WHO HAS GRADUATED FROM YOUR UNIVERSITIES WITH EVERY HONG KONG FAMILY WHICH HAS SETTLED HERE.'

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/"IN RECENT