$50M private investment fund announced
Posted Jan 27, 2015 02:27:04 PM.
This article is more than 5 years old.
HALIFAX – Small and medium-sized businesses in Nova Scotia will soon have access to a $50-million private venture capital fund.
Premier Stephen McNeil says the fund is to be created by private investors led by international businessman Victor Chu.
“This is a tremendous opportunity for small and medium sized businesses who don’t always have the kind of network that would be required — or the kind of expertise that would be required on staff — to build that export potential,” he said.
McNeil met with Chu during a business mission to China last September.
Chu is chairman of First Eastern Investment Group, a Hong Kong-based direct investment firm with private equity investments in China.
He said in a press release his firm has had success in helping European businesses break into the Asian market, and he’s sure this fund will achieve “similar ‘win-win’ successes.”
McNeil says in addition to the financial support the fund will provide another access point for Nova Scotia companies into China.
He tells News 95.7 he thinks this is a significant deal, and a clear message to Nova Scotians.
“Serious players outside of this province see Nova Scotia as an opportunity to do business,” he said. “And I think we, as a province, need to recognize the opportunity that we have and focus on the positive potential that this province has in joining with global citizens to capitalize.”
