ENG-1982 — Page 49

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INDUSTRY AND TRADE

by strengthening high-level contacts with senior government officials and business and industrial leaders in the host countries.

In addition to activities in Hong Kong's major trading partner nations, the council also mounted a number of promotions in less-developed markets during the year, including a major exhibition of Hong Kong-made products in Jeddah, Saudi Arabia, with a view to helping manufacturers diversify their export markets. Reflecting the growing role of China in Hong Kong's external trade, members of an official mission of the council to China held meetings in Beijing, Shanghai and Guangzhou in late October and early November to discuss the development of mutually beneficial trade between Hong Kong and China. Other promotional activities organised in 1982 included promotions of Hong Kong products, particularly garments, with chain stores in Japan, and participation in many international trade fairs around the world notably the Nuremburg International Toy Fair, the American Toy Fair in New York,-the Swiss Industries Fair in Basle, MACEF International Fair in Milan, Birmingham International Spring Fair, Frankfurt Spring Fair, Summer Consumer Electronics Show and National Hardware Show in Chicago, Winter Consumer Electronics Show in Las Vegas, Tokyo International Toy Fair, and Cairo International Fair.

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In addition, the Trade Development Council organised business group visits to Europe, North and South America, the Middle East, Africa, Japan and Australia both to explore new markets and consolidate existing trade ties. Similar groups from overseas regularly visit Hong Kong, and in 1982 the council received inward missions from Panama, Britain, France, Germany, China, Japan, Mexico, Austria, Sweden and the USA.

The council organised the eighth Hong Kong Toy and Gift Fair and acted as advisor to the Hong Kong Electronics Fair and to the first Hong Kong Watch and Clock Exhibition. All three were held in Hong Kong in October.

The Trade Development Council produces four regular publications, mainly for circu- lation overseas. They are the monthly Hong Kong Enterprise, the half-yearly Hong Kong Apparel, the annual Hong Kong Toys and the two-monthly news magazine Hong Kong Trader. It also puts out several newsletters in various languages to keep overseas businessmen informed of the latest financial and industrial developments in Hong Kong.

In 1982, the council expanded and upgraded its international network with the opening of a new office in Mexico City and a move to larger premises in Sydney. Besides its headquarters in Hong Kong, and a local branch in Tsuen Wan, the council has staff in 22 cities, and consultants in three cities, throughout the world. Details are at Appendix 2.

Hong Kong Export Credit Insurance Corporation

In the climate of world recession during 1982, the government-owned Hong Kong Export Credit Insurance Corporation (ECIC) provided a valuable safeguard for Hong Kong's manufacturers and traders.

Protection against country and buyer risks is provided by the ECIC at 90 per cent indemnity. Increasing use of the corporation's facilities continued during the year: some developing countries were suffering from a shortage of foreign exchange or involved in wars, while in developed countries - where Hong Kong's major customers are found – the incidence of bankruptcy grew considerably.

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The ECIC covers all manner of short term credits and payment methods such as open account invoices, documents against acceptance, documents against payment, and a range of letters of credit, up to a maximum credit period of 180 days after delivery. The corporation's protection is also available for the sale overseas of capital and semi-capital