TNAG-2477-FCO40-3607-The-Hong-Kong-Association-1992 — Page 80

CONFIDENTIAL

Jardine Fleming Banking License

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Jardine Fleming have a restricted banking license, having been refused a full banking license by ExCo several years ago. Locally incorporated banks are required to be "predominantly beneficially owned by Hong Kong interests". Despite attempts by the Hong Kong administration to enable banks which have headquarters in Hong Kong to be issued full licenses ExCo has not budged, although position is reviewed regularly.

British Chamber of Commerce/Certificates of Origin

- The British Chamber of Commerce in Hong Kong is not authorised to issue certificates of origin. Decision dates from 1989, but has been reviewed at intervals since.

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Hong Kong Government see no operational need to expand the number of Government approved certification organisations (GACO) at this time, and problems if the number of GACOS is increased.

Hong Kong Emigration

1.

Brigadier Hickey of the Hong Kong Association has said that the major firms are no longer as worried as they used to be about the "Brain Drain". A recent report in the Toronto Star stated that although there had been an increase of 18% in the number of immigrant visas for Canada issued in 1991 over the previous year, this figure apparently represented applications made up to two years previously. In fact the number of applications lodged with the Canadian High Commission in Hong Kong in 1991 had fallen by 49%.

2.

The Canadians say that there is still much interest in emigrating to Canada as evidenced by the 16% increase in the pre-application questionaires received by their Commission in 1991. They believe that the fall in the number of applications was probably due to fewer people in the skilled

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CONFIDENTIAL