GC (9709)
Treasury Building
3 Secretary's Lane Gibraltar
Deputy governor
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Telegrams: SECRETARY GIBRALTAR Telephone: 76620
Telex: 2120 T12 EG1B
Telefax: 76396
Your reference:
Our Reference:
Date: 4th November 1992
RE: OPPORTUNITY FOR ESTABLISHING LIGHT MANUFACTURING
I have been advised of a proposal made by a consortium of twenty-five businessmen in Hong Kong to establish a light manufacturing facility in Gibraltar. They would construct an assembly plant for micro-chips and chip boards. The proposal would involve the employment of between fifty and a hundred local staff, and an investment of four to five million pounds.
The individuals concerned are said to have done their homework and satisfied themselves as to the cost structure and tariff position of Gibraltar and are generally convinced of the potential for basing the proposed business in Gibraltar. However, they wish to use the fact of their introduction of capital to gain access to passport facilities for themselves. They appear to be making a
condition of
any such investment that all twenty five of the individuals would receive entitlement to a passport.
We therefore come up against the same stumbling block when we looked at the opportunities for attracting Hong Kong individuals to buy residential property in Gibraltar. I am not sure to what extent the potential for what would be
to the economy significant enhancement
of Gibraltar would alter the earlier conclusion in any way. Your comments would be appreciated.
a
V
P J Brooke
Financial and Development Secretary
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