Secretary for Commerce & Economic Development Rita Lau today urged enterprises to try their best to avoid redundancies and closing down business.

She encouraged employers to work with their staff to find ways to survive the global economic turmoil.

Speaking on a Commercial Radio talk show this morning, Ms Lau said possible ways include simplifying work procedures to control production costs, exploring new business opportunities and adjusting wages.

She emphasised the Government will help small and medium sized enterprises. The latest measure - announced on Monday - was the SME special loan guarantee scheme that will provide $10 billion in liquidity to the commercial lending market for SMEs.

She understands enterprises want to obtain loans from banks soon to sustain their business and she urges the banks to be flexible when approving applications.

She said the Government will help SMEs find out what documents are required when applying for loans, to help speed up the process.

To revitalise the economy, Ms Lau said the bureau will work with the Tourism Board to explore overseas markets with high spending power, including India and pensioners in Japan, and opportunities such as overseas corporate meetings.

Both parties will also work on re-establishing Hong Kong as a gourmet centre, developing eco-tourism and strengthening the city's reputation in tourism.

She reminded the industry that it has the support of the Export Credit Insurance Corporation's guarantee schemes.