RESTRICTED
FM BTC HONG KONG
TO PRIORITY FCO
TELNO 236
OF 101642Z AUGUST 91
INFO PRIORITY DTI, HONG KONG
RESTRICTED
Gr
1318.
BAR
A
Zo
173740
Mkc 121/2
MDLIAN 2244
1.31
& SIA
DTI FOR LOVE, OT2/2 AND RIPLEY, IBB, KINGSGATE HOUSE
HONG KONG PERSONAL FOR ACTING GOVERNOR
YRTELNO 1448 TO HONG KONG (PRESUMABLY MEANT FOR THIS POST): IBB
PROMOTION WORK IN HONG KONG
SUMMARY
1. A SEMINAR IN HONG KONG TO PROMOTE INVESTMENT IN THE UK COULD BE TIMELY AND SUCCESSFUL. IT WOULD NEED VERY CAREFUL PREPARATION
AND A COMMITMENT OF RESOURCES BY IBB.
DETAIL
2. I HAVE BEEN LOOKING AT THIS VERY CAREFULLY. MY OWN VIEW HAS
BEEN AND REMAINS THAT WE HAVE BEEN TOO SENSITIVE TO POSSIBLE CRITICISM IN HONG KONG IN THE INWARD INVESTMENT AREA IN THE PAST, AND THAT WE CAN AFFORD TO BE MUCH MORE PURPOSEFUL IN TRYING TO ATTRACT SUCH INVESTMENT TO THE UK. IN LIGHT OF RIPLEY'S ENQUIRY (AND WE ARE FAXING YOU TODAY A COPY OF OUR FAXED REPLY TO HIM) WE HAVE BEEN TAKING FURTHER SOUNDINGS, AND I HAVE DISCUSSED IT WITH SIR DAVID FORD. FROM THESE I AGAIN CONCLUDE
(A) THAT THERE ARE BETTER PROSPECTS FOR ATTRACTING INWARD INVESTMENT FROM HONG KONG THAN IS OFTEN SUPPOSED (CURRENTLY LI KA SHING'S PURCHASE OF FELIXSTOWE PORT, AND, I UNDERSTAND IN COMPLETE CONFIDENCE, DICKSON POON'S NEGOTIATIONS TO BUY A MAJOR UK RETAIL CHAIN, MUST RANK HIGH ON ANY LIST OF SUCH INVESTMENT FROM ANYWHERE).
(B) THAT OTHERS FROM E.G. THE USA, EUROPE AND ELSEWHERE MAKE STRENUOUS AND WELL-PUBLICISED EFFORTS TO ATTRACT HONG KONG INVESTORS, AND WE EARN NO EXTRA POINTS BY STANDING ALOOF
(C) THAT THERE IS NO OBJECTION FROM THE HONG KONG GOVERNMENT. SIR
DAVID FORD HAS CONFIRMED THIS.
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