News Release Archive
PREMIER--RECORD SIGNING PREDICTED FOR TRADE MISSION ----------------------------------------------------------------- Based on contracts signed halfway through the first leg of a three-country trade mission to Asia, it is likely Nova Scotia will surpass previous dollar totals for Team Canada business deals, Premier John Savage said today in Seoul, South Korea. Nova Scotia companies and post-secondary institutions signed contracts and memorandums of understanding worth $6 million in Seoul. With contracts yet to be signed in Thailand and the Philippines, it is almost guaranteed Nova Scotia will surpass last year's Team Canada signings valued at $8 million. "I'm extremely pleased with the signings today in Korea. These contracts represent important export opportunities in an area of the world that has a growing appetite for North American goods and services. Best of all, the signing today will mean jobs for Nova Scotians." Contracts signed today in Seoul include: - A purchase agreement between Kornova Trading Inc., of Halifax and Won Kwang Fisheries, of Seoul to provide wood constructed buildings for recreational, commercial and residential purposes. Specifically, Kornova will provide wooden home construction material, basic design, erection and supervision. The contract is valued at more that $200,000. - A contract between the Sydney Steel Corporation and Inchon Iron and Steel to supply bloom steel. The value of the contract is $2.5 million. Memorandums of understanding (MOU) included: - A $1.9 million MOU between Kornova Trading, of Halifax and Won Kwang Fisheries Ltd. to provide fish products including Skate wings, monk fish and Atlantic Croaker. The first shipment is scheduled for mid-1997. - A $1.5 million MOU between Kornova Trading and Myung Wood House Construction, of Seoul for the supply of wood constructed buildings. The first shipment is scheduled for early 1997. - A student exchange agreement between the Nova Scotia College of Art and Design (NSCAD) and Kook Min University, Seoul's art and design university. The agreement will allow Korean students to continue their studies in Canada, and will increase the number of students coming to NSCAD from Asia Pacific. The first year of the agreement is expected to bring 20 students with the number doubling in year two. - A further student exchange agreement between the Nova Scotia College of Art and Design and the College of Fine Arts, Seoul National University. - A student exchange agreement between the Faculty of Business Administration, Dalhousie University and Yonsei University, of Seoul. The agreement involves the exchange of students and academic cooperation between the two universities. The Government of Nova Scotia also signed a memorandum of understanding with the Hana Bank, of South Korea. The agreement will facilitate trade and exchanges between South Korea and Nova Scotia in the areas of trade promotion, the solicitation of joint venture partners as well as provide for the exchange of trainees in fisheries, medical services, timber environmental technology, and high-technology industries. The agreement will encourage Korean investment in Nova Scotia and will support business immigration into the province. The value of the contracts signed in South Korea total $2.7 million and the memorandums of understanding are valued at $3.3 million. Premier Savage said that although the sales contract for Sysco is relatively small, it will hopefully be enough to get the steel mill off to a good start in 1997. "Sysco produces a good quality product. Recent difficulties which have hurt the reputation of the steel maker are now behind the company. We are hopeful additional contracts are not far off," he said. Premier Savage said the agreements signed between the two Nova Scotia universities and Korea are part of an accelerated attempt to market the province's post-secondary institutions overseas. Additional agreements are expected to be signed as the Team Canada mission moves on to Thailand and the Philippines. "The world has learned to trust what we teach. Nova Scotia is now leading the way in international marketing of its post-secondary institutions. We're one of the first provinces in Canada to implement a joint marketing approach involving the provincial government, Nova Scotia's universities and the Nova Scotia Community College." "In the short term, attracting foreign students to Nova Scotia generates revenue for our post secondary institutions. The long term benefit of having foreign students educated in Nova Scotia is that after returning home, these graduates often become unofficial trade and investment ambassadors for the province," the premier said. The goal of the provincial government and the province's post-secondary institutions is to attract 1000 new international students to the province by the year 2000. That would generate $2 million in additional revenues. On Saturday, Premier Savage will be the keynote speaker at a special trade and investment seminar in Seoul. The seminar will attract as many as 200 Korean business leaders. The premier will highlight Nova Scotia's interest in trade and investment with South Korea, including immigration and educational opportunities. Tuesday, the Team Canada mission heads off for Manila, in the Philippines. Thursday, the mission heads for Bangkok, Thailand for, a three-day mission before returning to Canada early the following week. -30- Contact: Ann Graham Walker 902-424-6600 trp Jan. 10, 1997 - 10:45 a.m.