Commerce and Industry | 115
Hong Kong Export Credit Insurance Corporation
The Hong Kong Export Credit Insurance Corporation (ECIC) was created by statute in 1966 to protect Hong Kong exporters against non-payment risks arising from commercial and political events. Its capital is wholly owned by the HKSAR Government, which also guarantees the payment of all moneys due by the ECIC. It is required to operate in accordance with the requirements laid down in the Hong. Kong Export Credit Insurance Corporation Ordinance and to pursue a policy directed towards securing revenue sufficient to meet all expenditure properly chargeable to its revenue account. The statutory maximum liability of the ECIC currently stands at $30 billion.
The ECIC's total insured business in 2010 amounted to $79.2 billion, an increase of 34.9 per cent over 2009. Gross premium income grew by 26.7 per cent to $277.8 million. Cash claims payments decreased by 54.9 per cent to $69.2 million.
In consideration of economic conditions, trading environment and the need of exporters, the ECIC extended the free credit assessment service of three buyers and waiver of annual policy fee to September and December 2010 respectively. It continued to strengthen its support for the exporting community by enhancing exporters' understanding of the essence of credit management. Its insurance cover is useful collateral in facilitating exporters in obtaining trade finance.
The Hong Kong Science and Technology Parks Corporation
The Hong Kong Science and Technology Parks Corporation provides one-stop infrastructural support services to technology-based companies. It helps nurture start-ups through incubation programmes, provides facilities and services at the Science Park for applied research and development, and creates and sustains a design cluster in the InnoCentre, as well as offers land and premises in industrial estates for the companies there to provide their goods and services.
The 22-hectare Science Park is in Sha Tin. Phases 1 and 2 are completed and together are close to 90 per cent occupied. The construction work of Phase 3 is expected to be fully completed by 2016. Together the three phases provide 330 000 square metres of gross floor space for local and overseas companies to carry out research and development in electronics, information technology and telecommunications, biotechnology, precision engineering and environmental clean technology. The corporation operates three industrial estates in Tai Po, Yuen Long and Tseung Kwan O which occupy a total land area of 217 hectares. Developed land is provided at cost to companies with new or improved technology and processes that cannot operate in multi-storey buildings. The industrial estates have helped broaden the industry base and have upgraded Hong Kong's technological standard, and their role may be changed to meet the future demands of Hong Kong's restructured economy.
The corporation runs incubation programmes for technology and design start- up companies. It provides these companies with low-cost accommodation, as well as marketing, financial and technical assistance in their critical initial years of operation. Over the years, the number of programme members filing patents, trademarks and
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