A new $50-million private venture capital fund is being established in Nova Scotia.

“I am very pleased to announce that private investors, led by international business leader Victor Chu, are creating a venture capital fund in Nova Scotia,” said Premier Stephen McNeil. “This will provide one more source of capital for Nova Scotia business people to develop their products and grow our economy.”

Premier McNeil met with Mr. Chu during his mission to China in September, where he also spoke at the World Economic Forum. Plans to establish the fund were confirmed during a meeting in London on Sunday.

“I am delighted to launch this investment and partnership initiative to support small and medium-sized enterprises (SMEs) in Nova Scotia to expand their businesses into the vast Asian markets,” said Mr. Chu. “We have a wonderful track record in helping European SMEs to grow into Asia, and I am sure we will achieve similar ‘win-win’ successes with companies from Nova Scotia.”

Mr. Chu is chairman of First Eastern Investment Group, a leading Hong Kong-based direct-investment firm and a pioneer of private equity investments in China. He is also a member of the Foundation Board of the World Economic Forum.

“In addition to the support that this fund will provide to businesses in Nova Scotia, it is also another path for Nova Scotia companies into China. As Nova Scotia reaches to double its exports, and expand tourism, China is a critical current and future market,” said Premier McNeil.

Source: Release