Exporters get cover

PUBLISHED : Thursday, 21 October, 1999, 12:00am
UPDATED : Thursday, 21 October, 1999, 12:00am

Hong Kong Export Credit Insurance Corp plans to compensate insured exporters who fail to receive payments due to a trading counterpart's Y2K problem, according to commissioner Thomas Yiu Kei-chung.

The corporation was committed to repaying policy holders even if insolvency or default was to blame, Mr Yiu said yesterday.

'Regarding Y2K issues, we have no exclusion,' Mr Yiu said.

It also announced an 8 per cent gain in insured business to $11.61 billion for the six months to September 30, compared with $10.77 billion in the previous period.

Mr Yiu expects growth would continue into the second half of this year due to improvements in domestic and mainland export figures.

Hong Kong's August exports recorded 4.4 per cent growth, while mainland exports rose 20.5 per cent last month.

Insured exports to Japan and the mainland registered growth of 34.22 per cent and 15.58 per cent in the period.