ENG-1998 — Page 156

TRADE AND INDUSTRY

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potential customers for Hong Kong's services, which has already reached more than 88 000 entries.

Overseas, the TDC has stepped up efforts to help Hong Kong manufacturers and exporters diversify to regions of new market promise, in particular, Latin America, where it opened a new regional office in Sao Paulo. The TDC also upgraded its presence in Singapore, creating a regional office for South-East Asia which, despite the current economic downturn, remains an important market for Hong Kong products and services over the medium and longer term.

The TDC continued to promote Hong Kong's image as an international hub for business through high-level business seminars and, roadshows, 'Hong Kong Dinners' in the world's business capitals, speaking engagements at international fora, media interviews, global advertising campaigns in the world's top business publications and through its newspaper, Hong Kong Trader, which goes to 60 000 business decision- makers world wide.

The TDC's highly sophisticated infrastructure for global networking has also been harnessed to this effort, through its bilateral business committees for Europe, the USA and Japan and its 28 Hong Kong Business Associations around the world.

Despite the difficult economic environment, the TDC froze its participation fees and supported the government's mid-year decision to ease some of the pressures on local business by reducing the trade declaration charge. This has meant a $200 million-per-year cut in the annual subvention to the TDC, which expects to cope with the short-fall by drawing on its reserves and through higher productivity.

The TDC continued to launch major initiatives, including MarCom Asia, a major new TDC trade fair in Hong Kong for the marketing and communications industry, and a new TDC Design Gallery in the CEC Extension, strengthening efforts to foster and promote innovation and excellence in product design.

The TDC also continued to invest in the future, with work starting during the year on a $117 million Exhibition Services and Logistics Centre at Tseung Kwan O Industrial Estate. Due to open in 1999, it will dramatically increase and upgrade the range and quality of exhibition services for exhibitors at TDC fairs.

Hong Kong Export Credit Insurance Corporation

The Hong Kong Export Credit Insurance Corporation (ECIC) was created by statute in 1966 to provide insurance protection for Hong Kong exporters against risks of non-payment, arising from commercial and political events, for goods sold or services rendered to overseas customers. The Hong Kong SAR Government wholly owns the ECIC's capital and guarantees its contingent liability up to $10 billion.

The ECIC's mission is to encourage and support export trade through the provision of professional and customer-oriented services. This commitment is consistently adhered to in its operations.

The ECIC provides a variety of schemes and policies to cater for the different needs of Hong Kong exporters. The most widely used insurance scheme is a short-term post-shipment policy known as Comprehensive Cover Policy which covers the payment for export, re-export and external trade of goods for credit terms up to 180 days. Over 90 per cent of ECIC policyholders use this policy to protect their export accounts receivable.