Mr SETTER - 1995-10-17
Members would be aware that, in 1997, the British colony of Hong Kong reverts to the control of the mainland Chinese government. Members would be aware also that many business people in Hong Kong are interested in investing overseas - in other words, taking their money offshore. What have the minister's department and the Northern Territory government done in terms of attempting to attract that investment to the Northern Territory?
ANSWER
Mr Speaker, I thank the member for Jingili for his question. It is very timely. Some members would not be aware that last week was International Business Week and this month is Small Business Month. Thus, it is appropriate to consider not only what the Northern Territory government is doing to help local businesses expand here and offshore but also what we are doing to expand investment from overseas. For business people wanting to move their enterprises out of Hong Kong, the Northern Territory is an attractive place to consider, and hopefully they will decide to come here.
During March 1996, the Chinese Executives Club of the Hong Kong Management Association plans to send a delegation of 20 visitors to visit the Northern Territory. While I describe them as visitors, in actual fact they are Hong Kong's most prominent company directors. The group will spend 4 days in Darwin. My department is organising their business
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interests and itinerary. Also, a Hong Kong Business Association will be launched in the Northern Territory on 25 October.
I am sure that members will be interested to hear that, in 1994-95, exports from the Northern Territory to Hong Kong were valued at $62m, representing an increase in excess of 43% over 1993-94. The export of food and live animals has more than doubled since 1992-93, and excellent networks have been established between members of the local business community and their counterparts in Hong Kong. Exports of seafood, both fresh and processed, as well as fresh fruit and vegetables are increasing strongly, with a very high demand for our mangoes at this time of year.
Hong Kong investment in the Northern Territory is growing also, in particular in the property development and food processing areas. A number of Hong Kong companies have identified opportunities in the Northern Territory. They include a seafood processing plant which will involve an investment of approximately $1m in its first phase, with start-up planned for early 1996, and a planned investment for a holiday apartment complex worth about $4.5m. Other Hong Kong business people are investigating horticulture, aquaculture and livestock projects in the Northern Territory in order to serve the Chinese market.
Total exports from the Northern Territory to China have increased considerably in recent years. In fact, they have quadrupled since 1992-93. On the other hand, imports from China have remained at the same level as they were in 1990-91. Thus, in summary, we are working well with the Hong Kong Business Association. I am quite sure that, in coming years, we will see considerable Hong Kong investment here. Certainly, the Northern Territory is identified as an attractive business investment base and a land of opportunity for Hong Kong exporters.
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ANSWER
Mr Speaker, I thank the member for Jingili for his question. It is very timely. Some members would not be aware that last week was International Business Week and this month is Small Business Month. Thus, it is appropriate to consider not only what the Northern Territory government is doing to help local businesses expand here and offshore but also what we are doing to expand investment from overseas. For business people wanting to move their enterprises out of Hong Kong, the Northern Territory is an attractive place to consider, and hopefully they will decide to come here.
During March 1996, the Chinese Executives Club of the Hong Kong Management Association plans to send a delegation of 20 visitors to visit the Northern Territory. While I describe them as visitors, in actual fact they are Hong Kong's most prominent company directors. The group will spend 4 days in Darwin. My department is organising their business
Page 886
interests and itinerary. Also, a Hong Kong Business Association will be launched in the Northern Territory on 25 October.
I am sure that members will be interested to hear that, in 1994-95, exports from the Northern Territory to Hong Kong were valued at $62m, representing an increase in excess of 43% over 1993-94. The export of food and live animals has more than doubled since 1992-93, and excellent networks have been established between members of the local business community and their counterparts in Hong Kong. Exports of seafood, both fresh and processed, as well as fresh fruit and vegetables are increasing strongly, with a very high demand for our mangoes at this time of year.
Hong Kong investment in the Northern Territory is growing also, in particular in the property development and food processing areas. A number of Hong Kong companies have identified opportunities in the Northern Territory. They include a seafood processing plant which will involve an investment of approximately $1m in its first phase, with start-up planned for early 1996, and a planned investment for a holiday apartment complex worth about $4.5m. Other Hong Kong business people are investigating horticulture, aquaculture and livestock projects in the Northern Territory in order to serve the Chinese market.
Total exports from the Northern Territory to China have increased considerably in recent years. In fact, they have quadrupled since 1992-93. On the other hand, imports from China have remained at the same level as they were in 1990-91. Thus, in summary, we are working well with the Hong Kong Business Association. I am quite sure that, in coming years, we will see considerable Hong Kong investment here. Certainly, the Northern Territory is identified as an attractive business investment base and a land of opportunity for Hong Kong exporters.
Page 887
Last updated: 09 Aug 2016