TNAG-2307-FCO40-3343-UK-inward-investment-in-Hong-Kong-1991 — Page 15

301455Z

COMMENT:

RESTRICTED

FM BTC HONG KONG

TO IMMEDIATE DTI TELNO OTTER 166

OF 29030OZ AUGUST 91

AND TO PRIORITY FCO

diversit

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cutt Mh. Miten. Zold him that of it became

receran for us

A sel

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om

we wood support

BTC although we

İBB; orgumen

daches mait

ts.

FOR PRISTON, IBB, DTI AND MEADWAY, OT2/2, DTI, AND RICKETTS, FCO.

roovert

He will diners for the w. fmich Laitton this Moancis

SMITH-LAITTAN'S FAXED LETTER OF 28 AUGUST TO RIPLEY: INWARD INVESTMENT SEMINAR IN HONG KONG.

A

HKD,

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if

newscy.

Mauer. 2/5.

M.hita has

not revented G

1. WE HAVE BEGUN TO SET THE WHEELS IN MOTION FOR THIS SEMINAR TO BE HELD IN NOVEMBER. AS REPORTED IN SMITH-LAITTAN'S FAXED LETTER TO RIPLEY OF 28 AUGUST, WE EXPECT TO START A NEW TEMPORARY MEMBER OF STAFF ON 2 SEPTEMBER WHO WILL GIVE IT HER FULL-TIME ATTENTION.

2. AS DISCUSSED IN SMITH-LAITTAN'S TELCONS WITH RIPLEY (IBB, DTI) AND COX (HKD, FCO), ALSO ON 28 AUGUST, IT IS FIRMLY MY VIEW THAT IF WE ARE GOING TO DO THIS WE NEED TO DO IT VERY WELL. IT WILL BE MONEY DOWN THE DRAIN IF WE JUST PROVIDE AN AFTERNOON OFF AND SOME EXPENSIVE HOSPITALITY FOR A FEW MIDDLE-RANKING EXECUTIVES AND FINANCE OFFICERS TOO JUNIOR TO MAKE INVESTMENT DECISIONS. I PROPOSE TO AIM FOR THE MILLIONAIRE CAPTAINS OF HONG KONG INDUSTRY, MANY OF WHOM ARE FREQUENTLY EXPANDING THEIR BUSINESSES INTO NEW AREAS OVERSEAS. IT WILL HELP IMMEASURABLY IN GETTING THEM TO ATTEND IF THE SEMINAR IS LED BY A SENIOR AND WELL-KNOWN FIGURE FROM THE UK WHO KNOWS THE SUBJECT. I UNDERSTAND THAT ELSEWHERE (EG JAPAN) IBB HAVE LED SIMILAR SEMINARS WITH A MINISTER. WE COULD PROBABLY DO THAT HERE WITHOUT CAUSING ANY PROBLEMS, BUT IN DEFERENCE TO THE POSSIBLE SENSITIVITIES THAT HAVE LIMITED OUR ACTIONS IN TRYING TO ATTRACT INWARD INVESTMENT FROM HONG KONG IN THE PAST, I SUGGEST WE LOOK INSTEAD FOR SOMEONE OUTSIDE GOVERNMENT. I BELIEVE LORD YOUNG WOULD FIT THE BILL PERFECTLY. HE IS KNOWLEDGEABLE ABOUT INWARD INVESTMENT AND INDEED I BELIEVE SPOKE AT OVERSEAS INWARD INVESTMENT SEMINARS WHEN A MINISTER. HE IS ALSO KNOWN AND RESPECTED IN HONG KONG. I HAVE SOUNDED HIM OUT INFORMALLY AND HE IS VERY WILLING TO TAKE ON THE ROLE. HE PLANS TO BE IN HONG KONG FROM 4 9 NOVEMBER ON CABLE AND WIRELESS BUSINESS AND SAYS HE COULD HAPPILY GIVE US HALF DAY TO ATTEND THE SEMINAR DURING THAT PERIOD. IBB'S CURRENT TENTATIVE PLANS FOR THE SEMINAR ARE TO HOLD IT ON 12 OR 13 NOVEMBER. LORD YOUNG HOWEVER COULD NOT STAY HERE UNTIL THEN BECAUSE OF OTHER ENGAGEMENTS IN THE UK.

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3. I THUS HOPE THAT THE IBB TEAM CAN ADJUST THEIR PLANS TO ENABLE US TO HOLD THE SEMINAR IN THE WEEK 4 9 NOVEMBER, TO TAKE ADVANTAGE OF LORD YOUNG'S WILLINGNESS TO PARTICIPATE. THE HEAD OF CABLE AND WIRELESS HERE, GALE, TELLS ME THAT HE HOPES TO TAKE LORD YOUNG TO AUSTRALIA FOR A MEETING WITH MR HAWKE DURING THAT PERIOD, AS WELL AS A COUPLE OF DAYS IN HONG KONG, BUT CONFIRMS THAT LORD YOUNG COULD READILY GIVE US A HALF DAY, WHICH GALE WOULD PREFER TO BE AT THE BEGINNING OR END OF THE 4 9 NOVEMBER VISIT. LORD YOUNG'S PRESENCE WOULD BE AN IMMENSE HELP IN MAKING THE EVENT A SUCCESS, AND WOULD TAKE US A SUBSTANTIAL STEP TOWARDS ENSURING THAT WE GET THE TYPE OF TOP-LEVEL ATTENDANCE AT THE SEMINAR WHICH WILL BE NECESSARY TO GIVE IT A CHANCE OF ATTRACTING SERIOUS NEW AND SUBSTANTIAL INVESTMENT TO THE UK. I DO NOT

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