OVERSEAS TRADE OFFICES AND TRADE FAIRS (Particulars)

Mr Yeo Toon Chia asked the Minister for Finance and Minister for Trade and Industry (a) in which countries the new overseas trade offices will be set up in 1984 and what is the estimated volume of trade expected with these countries, especially our exports to them; and (b) how many trade expositions, locally as well as overseas, will be organized by the Trade Development Board and what are the measures taken by the Board to assist local manufacturers taking part in the overseas trade expositions.

The Minister of State for Trade and Industry (Dr Wong Kwei Cheong) (for the Minister for Finance and Minister for Trade and Industry): Mr Speaker, Sir, I am answering on behalf of my Minister.

The Trade Development Board (TDB) has set up a new overseas trade office in Dubai in the United Arab Emirates and another in Houston, in the United States, in the early part of 1984. For the rest of the year, the TDB plans to set up new offices in Sydney (Australia), Hong Kong and Brunei.

In 1983, our total trade with these five countries amounted to some $28 billion or 26% of our total trade. Total exports to these five countries amounted to some $14 billion or 31% of our total exports. We expect the volume of trade and exports in 1984 to be as large as that in 1983. The actual volume of exports will depend on the level of economic activity in these countries, whether our price and quality are competitive and the marketing skills of our exporters.

The TDB will be participating in 17 trade fairs overseas during the next financial year. These will be in major cities in Australia, Japan, the USA, Europe, Middle East and Southeast Asian countries. No local fairs will be organized during the next financial year. The TDB has and will continue to help local companies participating in these trade fairs in the following ways:

(a) taking care of the physical set-up of the national pavilion at the fair and undertaking publicity programmes to attract buyers to the pavilion;

(b) assisting participating companies to market their products by providing relevant market information and arranging contacts with potential buyers; and

(c) granting double tax deductions on company expenses incurred in the fair participation.