Invitation off after DFC fall

Press, 2 November 1989, Page 4

Invitation off after DFC fall

PA ' - Wellington The DFC collapse has been cited by Hong Kong’s largest immigration consultancy as the reason for its withdrawal of an invitation to Wellington business leaders to attend a seminar there this month and for Wellington to have a permanent representative in Hong Kong.

Chiefkind Investments, Ltd, sent a message to the Wellington Regional Enterprise Board last week withdrawing the invitation, saying: “The current policy and atmosphere in Hong Kong vis-a-vis New Zealand are not conducive to any fruitful seminar on our promotion of New Zealand. “The DFC scenario, the open doors of Canada and other factors are having to be considered by us.” Chiefkind is the largest producer of approved migrants to New Zealand under the business immigratibn policy. The company spends $1 million annually to promote and market New Zealand. The enterprise board chairman, Mr Dalton Kelly, said he was shocked at the Hong Kong reaction. It was a matter “of considerable concern” to the board that a big initiative could be cancelled as a result of the DFC collapse. He already had his bags packed to attend the seminar. A delegation of 12 regional business leaders would have gone. Chiefkind Investments had also invited the board to have a permanent business adviser and economic analyst in Hong Kong. The company was to have funded

the post. •Mr Kelly said the representative would have been able to market investment opportunities for Wellington and New Zealand.

The board was now fighting a rearguard action with Chiefkind, he said. It was trying to convince the company it had taken a short-term approach and a longer’.view was needed. The enterprise board executive director, Mr. Stephen Reidy, said it was hoped the move was a temporary setbatk. The board would be doing everything to seek reinstatement at an appropriate time. Asked about the withdrawal of the invitation, the Minister of Finance, Mr Caygill, said there was no evidence that the collapse of DFC had affected the flow of immigration applicants from Hong Kong. New Zealand was under pressure to let in more migrants from there. A spokeswoman for Mr Caygill said it was possible that he might visit Japan to explain to bankers and other groups the role of statutory managers after the DFC collapse. A decision on a trip would await the outcome of talks now being held in Japan by one of the statutory managers and a Reserve Bank official.