ENG-2003 — Page 168

COMMERCE AND INDUSTRY

128

concise audio and video clips, as well as portal interfaces for non-English speaking overseas buyers.

In addition, the TDC maintained a global databank of about 620 000 business contacts, which was useful to users world-wide for the purposes of sourcing and finding business partners. It also produced more than 100 research publications, an online product catalogue, 15 trade magazines and numerous supplements.

The TDC sought to expand its global network and strengthen the advocacy for Hong Kong through high-level business seminars in the world's business capitals, roadshows, speaking engagements at international events, global advertising campaigns in the world's top business and trade publications, and its online business. newspaper Hong Kong Trader (which was sent electronically to over 230 000 senior corporate executives and decision-makers around the world). The TDC serviced three high-level bilateral business committees to help foster stronger economic ties between Hong Kong and the United States, the European Union and Japan. To facilitate partnership and cooperation between Hong Kong SMEs and their overseas counterparts, the TDC also maintained close liaison with nearly 30 Hong Kong Business Associations around the world and the global federation of these business associations, i.e. the Federation of Hong Kong Business Associations Worldwide. which connected over 9 000 SMEs that have close links with Hong Kong.

Hong Kong Export Credit Insurance Corporation

The Hong Kong Export Credit Insurance Corporation (ECIC) was created by statute in 1966 to provide export credit insurance facilities for Hong Kong exporters of goods and services against non-payment risks arising from commercial and political events. The corporation is wholly owned by the Government, which also guarantees its maximum contingent liability, currently standing at $12.5 billion.

The ECIC aims at encouraging and supporting export trade through the provision of professional and customer-oriented services. It provides a wide range of insurance facilities to Hong Kong exporters of goods and services for payments on credit terms. The Comprehensive Cover Policy, which covers exports, re-exports and external trade business for credit terms up to 180 days, is the most commonly used insurance policy. Tailor-made policies and endorsements are also available to cater for the specific needs of exporters in different sectors.

The corporation's total insured business in 2003 amounted to $29 billion, representing an increase of 5 per cent over the previous corresponding period. Gross premium income grew by 4 per cent to $141 million. Cash claims payments decreased by 18 per cent on 2002 to $42 million.

During the year, the corporation continued to strengthen its support to the exporting community, especially the SMEs. It worked closely with various trade associations and institutions in organising workshops and seminars to enhance exporters' understanding of credit management. The insurance policy was generally accepted by banks as useful collateral in granting export financing to exporters, especially the SMEs.

During the SARS outbreak, the corporation introduced a series of initiatives to help exporters tide over the difficult times. These measures included the 'Free Credit Check' service on overseas buyers from March to September, and the refund of annual policy fees received during 2002-03, which totalled $3.81 million, to the policy holders. In addition, the corporation devoted extra resources to help exporters