XN000022-1992-12-10 — Page 7

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THURSDAY, DECEMBER 10, 1992

THE HONG KONG-NETHERLANDS AGREEMENT GUARANTEES FAIR TREATMENT FOR NETHERLANDS INVESTMENT IN HONG KONG AND VICE VERSA, PROPER COMPENSATION IF INVESTMENTS ARE EXPROPRIATED AND THE FREE TRANSFER INVESTMENTS AND RETURNS.

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IT ALSO PROVIDES FOR INVESTMENT DISPUTES ΤΟ BE SETTLED IN ACCORDANCE WITH INTERNATIONALLY ACCEPTED RULES.

MR BARMA SAID THE AGREEMENT WOULD ENTER INTO FORCE ONCE THE NECESSARY REQUIREMENTS OF THE NETHERLANDS HAD BEEN MET.

"IT WILL THEN REMAIN IN FORCE IN 15 YEARS IN THE FIRST INSTANCE AND THEREAFTER FOR CONSECUTIVE PERIODS OF 10 YEARS EACH.

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1 AM CONFIDENT THAT THE COMPETITIVE ADVANTAGES OF HONG MONG, WHICH THE HONG KONG GOVERNMENT IS KEEN TO KEEP UP, TOGETHER WITH THE ADDED ASSURANCES GIVEN BY THE IPPA, WILL BE CONDUCIVE ΤΟ GREATER INVESTMENTS FROM THE NETHERLANDS IN THE FUTURE," HE SAID.

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CONTRACT FOR FURTHER DEVELOPMENT OF TSEUNG KWAN O SIGNED

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THE TERRITORY DEVELOPMENT DEPARTMENT TODAY (THURSDAY) SIGNED $283 MILLION CONTRACT FOR THE RECLAMATION AND DRAINAGE WORKS TSEUNG KWAN 0.

A

IN

MR

OF THE LEUNG BEEN

THE CONTRACT WAS SIGNED BETWEEN THE PROJECT MANAGER DEPARTMENT'S SOUTH EAST NEW TERRITORIES DEVELOPMENT OFFICE, MIN-SANG, AND A REPRESENTATIVE OF AOK1 CORPORATION, WHICH HAS AWARDED THE CONTRACT.

THE PROJECT IS PART OF THE CONTINUING DEVELOPMENT PROGRAMME THE NEW TOWN,

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CONTRACT WORKS COMPRISE RECLAMATION IN AREAS 45, 55, 56 AND AND THE CONSTRUCTION OF A SEAWALL AND TWO BOX CULVERTS.

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THE WORKS WILL BEGIN TOMORROW (FRIDAY) FOR COMPLETION IN

EARLY

1995.

BE MADE

ON COMPLETION, ABOUT 27 HECTARES OF LAND WILL AVAILABLE FOR THE PROVISION OF PUBLIC HOUSING AND GOVERNMENT, INSTITUTIONAL OR COMMUNITY FACILITIES IN THE TOWN CENTRE.

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