News Release Archive

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

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

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.


Contact: Ann Graham Walker  902-424-6600

trp                     Jan. 10, 1997 - 10:45 a.m.