INDUSTRY AND TRADE
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Japan and South Africa, and trade missions visiting the Middle East, the United States of America, Australia, the countries of the EEC and Japan.
The Hong Kong Ready to Wear Festival was organised by the council for the first time in March; it was attended by 815 overseas buyers and local representatives of overseas buying offices while a total of 108 Hong Kong garment firms participated.
Approximately half a million pieces of promotional literature were issued. Included was the council's monthly magazine, ‘Hong Kong Enterprise', which considerably increased its circulation, two issues of the quality magazine ‘Apparel' and, to publicise the toy industry, a second edition of the magazine, 'Hong Kong Toys'. Additionally, updated versions of two books, 'Industrial Investment Hong Kong' and 'Hong Kong for the Businessman', were published in May and December.
Hong Kong Export Credit Insurance Corporation
The Corporation, which provides protection against those risks in overseas trading which are not normally insurable commercially, is four years old. Some 600 Hong Kong exporters are now using the corporation's facilities-representing an annual estimated in- surable export turnover of more than HK$1,300 million and a maximum liability of $650 million. With some eight per cent of Hong Kong's domestic exports under its umbrella, the corporation is playing a significant part in the protection and development of Hong Kong's overseas trade.
This year has seen a growing awareness amongst those exporters who traditionally extend credit to their overseas customers of the need for this protection. This is not surprising in view of the fact that more than 80 per cent of Hong Kong's domestic exports go to countries with highly developed and competitive economies. The authorities in many of these markets have been pursuing stringent domestic financial policies for many months; such policies, characterised by credit squeezes and high interest rates, inevitably produce their crop of individual business failures.
Further steady growth is expected in view of the continuing growth in the Colony's export trade as a whole. In addition, the