August 4, 1998 : The Honourable David Collenette, Minister of Transport, today joined the Chairman of Interport Development Inc., Mr. Steven Wu, and the Chairman of the Fraser River Harbour Commission, Mr. Michael Jones, in announcing a major new development of a 455-acre light industrial park on Crown land in Richmond.

This project, the largest to be opened in a decade in B.C., and the largest ever North of the Fraser River, will generate $500 million in capital investment over 15 years. About 10 million square feet of light industrial space, housing a projected 5,000 new jobs, will result when the site is fully developed.

"This impressive project is an example of the possibilities the new Canada Marine Act provides to ports such as this one to foster partnerships and adopt private sector approaches to generate revenues," said Mr. Collenette. "Indeed, in keeping with the principles of the Act, Canadian ports will be much more responsive to local needs and be in a better position to capitalize on business opportunities."

This major new investment by Interport, mostly from private Asian investors, comes at a time when Asian investment has dropped off and the B.C. economy has slowed.

"I am very pleased with this investment opportunity. The project has already generated considerable interest both here in Canada and abroad." said Mr. Wu. "I have great confidence in the Canadian economy."

Raymond Chan, Member of Parliament for Richmond and Secretary of State (Asia-Pacific) welcomed the announcement. "This project will be of great benefit to the residents of Richmond as it will provide jobs, investment, new services and an increased tax base," said Mr. Chan. "This initiative will also have a positive impact on the British Columbia economy."

Mr. Jones also expressed his delight with the agreement. "This project will provide the Fraser River Harbour Commission with the financial resources to continue and improve its self-sufficiency. It will also provide new services and an increased tax base for the City of Richmond."

This vacant, industrial-zoned site, situated centrally in the Vancouver area, has excellent access to major sea, rail, air and road transportation routes. Located along the Fraser River between No. 7 and No. 8 roads in Richmond, the uplands site has potential for cargo exporters and other water-oriented businesses, as well as land-based light industrial users. It is anticipated that a deep-sea port facility will be developed by the Commission along part of the waterfront.

Interport is an Vancouver-based investor and land development company. This project will not only have a significant foreign investment component, but ultimately will be a home to both local and foreign manufacturers and businesses.

Construction is projected to start in 1999 and be completed in phases over 15 years.

For more information:

Stéphane Corbin
Communications Advisor
Office of the Minister, Ottawa
Tel. (613) 991-0700

Colin Stewart
Executive Assistant
to the Chairman
Interport Development Inc.
Tel. (604) 733-1338

Raija Orava
Manager, Public Affairs
Fraser River Port Authority
Tel. (604) 524-6655