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B.C., Federal Governments Launch Initiative To Lure Asian Companies To Vancouver

The Canadian Press, 13 Feb, 2015 01:03 PM

VANCOUVER — British Columbia is partnering with the federal government and the Business Council of B.C. on a project to lure Asian companies to Vancouver.

Industry Minister James Moore has announced the creation of HQ Vancouver, a $6.5-million initiative to coax Asian corporations to move their North American head offices to the city.

Moore says HQ Vancouver is meant to leverage B.C.'s strategic location and competitive tax rates to attract expanding Asian companies to invest in the province.

B.C.'s Trade Minister Teresa Wat says Asian investment is critical to growing the province's economy, and head offices generate several benefits including job creation.

Yuen Pao Woo, former head of the Asia Pacific Foundation, has been appointed president of HQ Vancouver and will lead a team focused on the day-to-day objectives of the project.

Ottawa has promised to invest over $1.9 million over the next three years, while B.C. is expected to provide $3.3 million and the business council says its funding will be $1.2 million.

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