ENG-1968 — Page 25

PROGRESS

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accessories for Swiss watches up to the traditional standards of excellence demanded by that industry.

'Quality at fair prices' came more and more to be an accepted fact behind the competitiveness of Hong Kong products. This was particularly so in high fashion, which made great impact in specialist international markets. In October the quality and design of Hong Kong's garments won acclaim during the Dusseldorf International Fashion week. Similarly with toys: international buyers at the Nuremberg Toy Fair in February were very impressed by the stand- ards and variety of the Colony's goods.

Behind the manufacturers' efforts and achievements have been the efforts of many allied organizations. The Trade Development Council continued its work of trade promotion in many countries through visits, fairs, exhibitions and consultations with all concerned. The Federation of Hong Kong Industries provided quality-testing facilities, and launched a programme to bring about greater product- design consciousness and expertise in manufactures. The Manage- ment Association and the Productivity Council worked hard to promote the most advanced techniques among industrialists. Just two years after its establishment, the Export Credit Insurance Corporation reported a 50 per cent annual increase in its number of policy-holders. The estimated annual value of exports covered rose from $560 million to nearly $800 million. The long-established banking facilities continued with their efficient, experienced services. The list is long, but it is upon this foundation of sound business infrastructure that the export-oriented economy continued to flourish.

International recognition of Hong Kong's economic standing also grew during the year. A reputable business publication with world-wide distribution conducted a survey of the major cities of the Far East to analyse the facilities they offered as sites for the Asian headquarters of world wide companies. Hong Kong emerged at the top of the list. This survey in fact confirmed the choices exercised earlier by the many major international companies which were already in Hong Kong. During the year their volume of business increased: the Marine Department records showed that much greater use was made of the port's efficient cargo-handling and storage facilities by the manufactured goods of other countries,