Hong Kong Export Credit Insurance Corporation Supports HK Businesses

The Hong Kong Export Credit Insurance Corporation is a vital support system for local businesses looking to expand their export markets. It provides insurance coverage to protect against non-payment risks, helping businesses to feel more secure in their dealings with foreign buyers.

The corporation offers a range of insurance products, including credit insurance, political risk insurance, and guarantee insurance. This allows businesses to focus on their core operations without worrying about the financial risks associated with international trade.

By providing financial protection, the corporation enables businesses to take on more export contracts, which can lead to increased revenue and job creation. This, in turn, contributes to the overall economic growth of Hong Kong.

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The Hong Kong Export Credit Insurance Corporation is a statutory organisation. It's governed by the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115), also known as the HKECIC Ordinance.

This means the corporation is subject to a specific set of rules and regulations, which helps ensure it operates in a fair and transparent manner.

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We're a global corporation with a rich history dating back to 1995, when our founder first established the company in a small office in New York City.

Our mission is to provide innovative solutions to our customers, which is reflected in our commitment to research and development, with over $50 million invested annually.

We're a diverse team of over 5,000 employees from 50 different countries, working together to drive growth and success.

Our company culture emphasizes teamwork, innovation, and customer satisfaction, which has earned us a reputation as a leader in our industry.

We've received numerous awards and recognitions for our contributions to the community, including the "Best Place to Work" award in 2018 and the "Corporate Social Responsibility" award in 2020.

Our focus on sustainability has led to significant reductions in our carbon footprint, with a 30% decrease in energy consumption since 2015.

Our products and services are designed to meet the evolving needs of our customers, with a focus on quality, reliability, and affordability.

We're proud of our achievements and continue to strive for excellence in all aspects of our business.

The Hong Kong Export Credit Insurance Corporation (ECIC) is a key player in the region's export trade. It was established in 1966 under the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115).

The ECIC's primary goal is to encourage and support export trade by providing insurance protection against non-payment risks. This protection is crucial for Hong Kong exporters who face commercial and political risks.

The Corporation's contingent liability under contracts of insurance is guaranteed by the Government of the Hong Kong Special Administrative Region. This guarantee is capped at $55 billion.

As a public body, the ECIC is subject to the Prevention of Bribery Ordinance. This means that its staff are not allowed to accept any advantages from ECIC customers.

The Corporation is required to operate in accordance with the requirements laid down in the Hong Kong Export Credit Insurance Corporation Ordinance. This ensures that it pursues a policy that secures revenue sufficient to meet all expenditure properly chargeable to its revenue account.

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The Hong Kong Export Credit Insurance Corporation (HKECIC) is a statutory organisation governed by the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115).

This means that HKECIC operates under a specific set of laws and regulations, which provides a framework for its decision-making and operations.

The HKECIC Ordinance outlines the corporation's powers and responsibilities, ensuring that it fulfills its purpose of supporting Hong Kong's export trade.

The Hong Kong Export Credit Insurance Corporation (ECIC) is governed by the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115). This ordinance established the corporation in 1966 with the aim of encouraging and supporting export trade.

The ECIC operates under the requirements laid down in the ordinance and is directed to pursue a policy that generates revenue sufficient to meet all its expenditure. This means it must be financially self-sufficient.

The corporation's contingent liability under contracts of insurance is guaranteed by the Government of the Hong Kong Special Administrative Region, with a statutory maximum liability of $55 billion. This level of protection provides a safeguard for Hong Kong exporters.

As a public body, the ECIC is subject to the Prevention of Bribery Ordinance, which prohibits its staff from accepting any advantages from customers in connection with official business.

The Hong Kong Export Credit Insurance Corporation (HKECIC) is a statutory organisation governed by the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115).

It was established in 1966 to provide insurance protection for Hong Kong exporters against non-payment risks arising from commercial and political incidents.

The HKECIC is wholly owned by the Hong Kong Special Administrative Region Government, which also guarantees its liabilities.

The Government announced the reappointment of Dr Dennis Ng Wang-pun as the Chairman of the HKECIC Advisory Board for a term of two years with effect from July 1, 2023.

The HKECIC Advisory Board has a total of nine members, including the Chairman and eight members, as of July 1, 2023.

The members of the HKECIC Advisory Board are appointed for a term of two years, with the exception of the Principal Assistant Secretary for Commerce and Economic Development, who serves as an ex-officio member.

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Hong Kong Export Credit Insurance Corporation has launched an online credit insurance platform called EC-Reach, specifically designed for small- and medium-sized enterprises (SMEs).

This platform will simplify credit risk management for SMEs and allow for faster purchase of export credit insurance from the state-owned insurer.

The Hong Kong Export Credit Insurance Corporation has a healthy fiscal surplus, which could be used to extend assistance to affected industries.

The US-China trade war has not yet majorly affected Hong Kong, as most of the goods produced in Hong Kong are exported to the mainland.

US tariffs mainly target semi-finished and non-consumer goods, making Hong Kong less vulnerable to the trade war.

Hong Kong's manufacturing and exporting trade industries may still face challenges, according to legislator Jeffery Lam Kin-fung.

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