HQ Vancouver, a new project aimed at enticing Asian business to relocate their North American head offices to B.C. was launched Friday by James Moore, federal minister for the province.
The $6.5 million initiative is meant to leverage B.C.'s strategic location and competitive tax rates to attract expanding Asian companies to invest in the province, Moore said at the launch.
"The goal of this project is to attract two head office accounts to B.C. by the end of 2017, plus a commitment from three organizations to open offices in B.C. by 2019," Moore said.
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.
The hope is to bring in a total investment of $100 million, while creating 500 more jobs.
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 more than $1.9 million over the next three years, while B.C. is expected to provide $3.3 million and the B.C. Business Council says its funding will be $1.2 million.
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