The Hong Kong Export Credit Insurance Corp (ECIC) has thrown its weight behind the Government's move to strengthen the local service industry. The group yesterday unveiled a set of revamped policies. Commissioner Alice Lai Siu Po-chun of the Government's statutory body, which was set up to assist Hong Kong exporters, pledged to provide more insurance coverage to the service sector. Mrs Lai said the expanded coverage would include freight forwarding, advertising, engineering and construction consultancy, media services and other areas such as management, consultancy, printing and audit, and legal advice. In contrast, existing coverage only includes printing and publishing. They currently fall into the 'others' category, making up less than 32 per cent of insured businesses. While the ECIC is increasing its coverage of the service sector, the manufacturing sector would remain equally important, she said. Mrs Lai said freight forwarding took priority on the 'immediate action' list because numerous local freight forwarders had a presence in US chain stores, which had been vulnerable to insolvency. 'A series of recent talks with the Hong Kong Association of Freight Forwarding Agents has spurred more provisions of tailor-made policies,' Mrs Lai said. ECIC's largest insured market is the US, accounting for 30 per cent of total business.
