
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, June 15, 1995                   TAG: 9506150034
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: Associated Press
DATELINE: FRANKFURT, GERMANY                                LENGTH: Short

ALLEN DRUMS UP INVESTMENTS, OPENS EUROPEAN TRADE OFFICE

Sounding like a salesman, Gov. George Allen offered Germans a chance to buy distribution centers, warehouses and factories at bargain prices while the dollar is weak against the mark.

``You're never going to get a better opportunity,'' Allen told about 75 guests Wednesday as they ate shrimp and sipped Rhineland wine in Virginia's new European trade office.

The office was moved to Frankfurt after 17 years in Brussels. A number of U.S. states, including California and Alabama, have opened or transferred trade offices to Frankfurt because the city is home to the European Monetary Institute, organizer of Europe's move toward a central currency in 2000.``Some people moan and whine about'' the weak American dollar, Allen told a press conference before the opening ceremony. ``But I look at it as an opportunity for Virginia.''

As a fiscally conservative Republican

Allen said he couldn't be happy about a long-term weak U.S. currency because it is caused by the huge federal deficit. But in the short term, it has European businessmen taking a look at investment in the United States, and Virginia is ready to compete, Allen said at the end of a 12-day European tour with Virginian business leaders.

``You get more bang for your deutsche mark,'' said Allen, who has become known for taking foreign tours to drum up trade since he was elected in 1993. Three new investment agreements with German firms were announced during the trip.

The mark has declined 9.1 percent against the dollar in the last six months, falling from 1.55 marks per dollar to 1.40 this month.

by CNB