HONG KONG, China (CNN) --Every year Hong Kong's watch industry packs up its wares and heads to the World Watch Fair in Basel, Switzerland. It's a chance to make new contacts and reel in business.
John Wong, Vice Chairman of the Federation of Hong Kong Watch Trades and Industries says the fair contributes heavily to the industry's annual sales.
"Customers get the sample, place the order. [In a] total year we can sell more or less US$1 billion. That's a quarter of our total sales," says Wong.
That 25 percent of sales is now lost, because more than 300 Hong Kong watchmakers weren't allowed to attend the fair due to concerns over the SARS virus.
Trade fairs are a critical hub of international business, where sellers make their pitch and buyers can view and test the goods. But in the wake of the SARS outbreak many dealers are now foregoing the shows.
Travel bans
Over a quarter of companies surveyed by the business travel coalition have banned trips to SARS-infected countries in Asia. This is bad news for convention venues also.
Organizers at the Hong Kong Convention and Exhibition Center say they are in talks with about 50 clients to postpone or cancel events.
Already high-profile clients like the Rolling Stones and Santana have called off concerts at the Convention Center due to the SARS outbreak, and smaller clients are also canceling.
This has a been a major blow to the facility. The 64,000 square meters of rentable space now has the hush of a museum.
But Hong Kong's Trade Development Council is persevering.
"[The] trade fair is very important for Hong Kong. And we must let the world know that Hong Kong is still open for business," says Frederick Lam, the council's deputy executive director.
Despite objections from exhibitors, Hong Kong will host three trade fairs this month, with more planned for July.
"So though I'm sure we're going to lose a lot of visitors from Europe and America, we're still going to get a lot of businessmen from Asia, from China and also locally from Hong Kong too," says Lam.
