Syndicate plans to help exports

Press, 16 August 1989, Page 4

Syndicate plans to help exports

By

TOM METCALFE

The syndicate of Hong Kong Chinese multimillionaires who visited Christchurch this week plan to boost existing local businesses into export markets.

The chief executive of the Canterbury Development Corporation, Mr Doug Kerr, said last evening that the syndicate wanted to become a shareholder in local businesses, rather than buy them outright. The syndicate was looking for businesses which had established a domestic market, but lacked funds to expand into overseas markets. There would be no repatriation of funds to Hong Kong. Instead

profits would be invested in New Zeland, Mr Kerr said. The syndicate of six Hong Kong Chinese businessmen left Christchurch yesterday after a week-long exploratory visit co-ordinated by the corporation. In their time here they met local and Government leaders, investment advisers and industry leaders. They visited manufacturing, processing, agricultural, forestry and elec-

tronics operations. Mr Kerr said the next step was for the syndicate to consider what it had seen and come up with firm proposals for investment in Canterbury, The corporation had acted as a contact for a number of Asian business people interested in immigrating here, he said. Within the last two weeks it had organised short tours for 19 Taiwanese. A group of 15 Hong Kong Chinese was to visit the city this week.