TNAG-0048-FCO40-84-Export-Credit-Insurance-Corporation-1968 — Page 59

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Visit of the Minister of State for Commonweal th

Relations to Hong Kong

October 1967.

Support for Hong Kong's Export Credit

Corporation

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Hong Kong's Export Credit Insurance Corporation

was set up at the end of 1966 and performs largely the

same functions as the United Kingdom's Export Credit

Guarantee Corporation. The danger of such bodies

accepting over-risky business is much reduced if they

have adequate and up-to-date reports on the economic

situation in various countries and their work is much

facilitated if they are kept informed of foreign

import and export control regulations. E.C.G.D.

have access to such material which is supplied by

British Missions abroad, but the Hong Kong Corporation

do not, except in respect of the few countries in which

they have their own trade representatives.

It has not been possible to arrange for the

Hong Kong Corporation to be given copies of reports,

etc. sent by our posts to London. The reasons given

are that posts are too busy to be charged with yet

another duty, that if Hong Kong is supplied, then

other Commonwealth countries might be prompted to seek

similar facilaties, that material in the reports is

often confidential and sources would dry up if it became

known that Hong Kong was in on the net, and also that

Hong Kong is sometimes in competition with the United

Kingdom who must therefore keep some cards close to

/its