INDUSTRY AND TRADE
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In addition, the council mounted promotions at the Paris International Trade Fair or 'Foire-de-Paris'; New York Premium Show; the Chicago Consumer Elec- tronics Show; and Cologne International Housewares Fair. Hong Kong also staged Ready-to-Wear fashion presentations in Paris and London.
Although emphasis continued to be placed on maintaining promotional efforts in all Hong Kong's major markets, the process of market diversification was furthered by promotional projects which were initiated in a number of areas. In this respect the TDC continued to work towards developing the markets of the Socialist countries of Eastern Europe. In all, 11 major projects were mounted in the Comecon countries and solo exhibitions were held in Belgrade, Budapest and Warsaw. Other areas where the council sought to develop markets included the Middle East. Three business groups visited the region and met with considerable success. Other business groups promoted Hong Kong products in Africa, the United States, Canada and Japan.
The council's eighth annual Ready-to-Wear Festival took place in the first week of March, attracting 1,000 overseas buyers representing 663 companies from 31 different countries. The festival is now an internationally recognised fashion trade
event.
To coincide with the Royal visit in May, a public exhibition of local products was mounted at the new Hung Hom railway terminus. The exhibition was visited by the Queen and the Duke of Edinburgh.
The council's trade publications continued to register increased world-wide circulation. A combined circulation of 760,000 was reached by the TDC's three prestige 'glossy' magazines-Hong Kong Enterprise (monthly), Apparel (bi-annually) and Hong Kong Toys (annually). German and French inserts were introduced in both Apparel and Toys '75, providing more effective multi-lingual information on two of the industries in which Hong Kong leads the world-garments and toys.
The documentary film on the 1975 Ready-to-Wear Festival was completed and released, and a new documentary film was also produced to promote Hong Kong's export trade and industrial investment opportunities.
Hong Kong Export Credit Insurance Corporation
The corporation operates within the framework of the Hong Kong Export Credit Insurance Corporation Ordinance. Its capital of $20 million is provided by the government, which also guarantees its liabilities. In the conduct of its business, the corporation operates as a commercial undertaking and is charged to pay its way.
The primary function of the corporation is to encourage and expand Hong Kong's exports by insuring exporters against the risks of non-payment such as bankruptcy, default, transfer blockage and war-when they sell on credit terms to overseas. buyers. These risks are not normally covered by commercial insurers. The security provided by the corporation helps its policyholders to obtain finance for their export operations.
In 1974-5 the corporation covered exports worth $1,468 million to more than 150 countries, mainly on credit terms of up to 180 days but some on three years'