HC Deb 07 February 1973 vol 850 cc119-20W
Mr. Moate

asked the Secretary of State for Trade and Industry what steps he has taken to publicise the availability of insurance for capital investment overseas under the terms of Section 1 of the Overseas Investment and Export Guarantees Act 1972, in view of the fact that no insurance agreements have yet been concluded; and if he is satisfied with the working of the scheme.

Sir G. Howe

The availability of investment insurance under Section 1 of the Overseas Investment and Export Guarantees Act 1972 has received wide publicity in the Press, through trade associations, through embassies and by direct contact with commercial and financial organisations. As a result, 91 applications worth £25 million have been received, covering a wide range of countries and industries. I am satisfied that the general basis of the scheme is sound.

Mr. Tilney

asked the Secretary of State for Trade and Industry how many applications have been made for insurance as joint ventures in partnership with local shareholders, following the 1972 Overseas Investment Act.

Sir G. Howe

Fifty-four.

Mr. Tilney

asked the Secretary of State for Trade and Industry how many applications for investment assurance have been made in development countries under the 1972 Act, territory by territory.

Sir G. Howe

There have been 91 applications, distributed as follows:

Africa—42
Angola … 2
Gabon … 1
Ghana … 2
Kenya … 7
Mauritius … 2
Malawi … 1
Morocco … 1
Nigeria … 14
S.W. Africa … 1
Tanzania … 1
Zaire … 1
Zambia … 9
America—14 (North and Central)
Barbados … 1
British Honduras … 1
Jamaica … 4
Mexico … 1
Trinidad … 1
(South)
Brazil … 6
Asia—33 (Middle East)
Dubai … 1
Iran … 1
Jordan … 1
Kuwait … 1
Oman … 2
Saudi Arabia (Far East) … 1
Hong Kong … 1
India … 1
Indonesia … 8
Korea (South) … 1
Malaysia … 5
Pakistan … 1
Singapore … 3
Thailand … 6
Oceania—1
Fiji … 1
Europe—1
Yugoslavia … 1