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Foreign investment proposal



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JfeJi, AUSTRALIA , « f c ·

TREASURER

NO.

EMBARGO

STATEMENT BY THE TREASURER, THE HON. JOHN HOWARD, MP

FOREIGN INVESTMENT PROPOSAL THE REGENT OF SYDNEY HOTEL · . „ £ i · ·

110

Following a report from the Foreign Investment Review

Board, the Government has approved, in terms of its foreign

investment policy, the establishment of a $45 million .

hotel in The Rocks area of Sydney by a consortium of

investors from ASEAN countries, including the Regent

Hotels Group.

The parties involved have undertaken to introduce up to

49 per cent Australian equity in the project within ten

years.

Tee· Government's ' "approval had regard to the signif j cant

benefits the project would have for the tourist industry,

to the employment which would be provided both in the

construction and operating phases and to the opportunities

available for Australian equity participation.■

CANBERRA 25 October 1979