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LEDNESDAY, JANUARY
BUSINESS OF EXPORT CREDIT INSURANCE CORP GROWS
THE CONTINUING RECOVERY IN GLOBAL DEMANDS FOR HONG KONG' ANUFACTURES DURING 1984-85 HAD LED TO A RAPID GROWTH IN THE BUSINESS .OLUME OF THE HONG KONG EXPORT CREDIT INSURANCE CORPORATION, THE SECRETARY FOR TRADE AND INDUSTRY, THE HON E.P.
SAID IN THE LEGISLATIVE COUNCIL TODAY.
+AT THE SAME TIME THERE HAS BEEN A SHARP DECLINE IN THE INCIDENCE AND SEVERITY OF CLAIMS MADE ON THE CORPORATION, A TREND WHICH IS LIKELY TO CONTINUE THROUGHOUT THE YEAR, HE SAID.
BUT FOR 1983-84, MR HO REPORTED MODERATE GROWTH IN THE CORPORATION'S BUSINESS. A NET INCREASE OF 133 POLICIES ISSUED RAISED THE TOTAL NUMBER OF POLICIES TO 1 490.
IN TABLING THE CORPORATION'S 1983-84 REPORT AND ACCOUNTS, R HO SAID THE VALUE OF TOTAL INSURED EXPORTS ALSO GREW EY ABOUT 20 PER CENT TO $4 693 MILLION, 60 PER CENT OF WHICH
AS TO THE EUROPEAN MARKETS, ACCOUNTING FOR 32 778 MILLION.
INSURED EXPORTS TO NORTH AMERICA, ACCOUNTING FOR $994 MILLIO.. OR 21 PER CENT OF TOTAL INSURED EXPORTS, GREW BY 52 PER CENT.
THE PRODUCTS COVERED REMAINED CONSISTENT WITH THE OVERALL PATTERN OF HONG KONG'S TOTAL EXPORTS, WITH TEXTILES AND CLOTHING ACCOUNTING FOR 38 PER CENT, RADIOS AND ELECTRONIC COMPONENTS FOR 10 PER CENT AND TOYS FOR NINE PER CENT, MR HO SAID.
GIVEN THE OPPORTUNITIES PRESENTED BY A YEAR OF RECOVERY, THE COMMISSIONER OF THE CORPORATION HAD UNDERTAKEN A CRITICAL APPRAISAL OF ITS ACTIVITIES AND OF THE NATURE AND LEVEL OF RISKS ASSUMED IN RECENT YEARS.
+AS A RESULT, HE HAS DRAWN UP A THREE-YEAR PLAN CONTAINING FINANCIAL OBJECTIVES AND MEASURES TO SECURE THEM WHICH, IF ACHIEVED, WILL RESTORE THE CORPORATION TO A BETTER STATE OF FINANCIAL HEALTH, + MR HO SAID.
+THIS PLAN HAS RECEIVED THE BENEFIT OF THE ADVICE OF THE CORPORATION'S ADVISORY BOARD, AND IS NOW BEING IMPLEMENTED, + HE SAID.
MR HO ADDED THAT REINSURANCE COVER, WHICH WAS LOST TO THE CORPORATION SINCE SEPTEMBER 1983, AND WHICH PLAYED A VITAL PAFT IN REDUCING ITS LOSSES, HAD NOW BEEN FRESHLY ACQUIRED.
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