HK Official Optimistic about Exhibition, Convention Industry

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Last updated at: (Beijing Time) Friday, August 29, 2003

HK Official Optimistic about Exhibition, Convention Industry

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The number of exhibition and convention visitors to Hong Kong has more than tripled in the past decade, said Stephen Ip, acting financial secretary of the special administrative region (SAR), on Thursday.

He said at the opening ceremony of the First Asian Exhibition Forum at the Convention Center that the presence of overseas guests at the event "demonstrates clearly that Hong Kong has resumed our natural state as a vibrant, cosmopolitan and business-oriented city."

Looking ahead, he said signs are positive, not only for the exhibition industry but for Hong Kong's economy as a whole.

China's accession to the World Trade Organization has acted as a catalyst for increased international trade with, and investment into, China. "The trade fairs held in Hong Kong play a crucial role in this process," he said.

The Closer Economic Partnership Arrangement (CEPA) between China and the SAR also provides a new platform for businesses in Hong Kong, whether local or foreign-owned, to tap the vast opportunities that exist in the mainland market.

The increased co-operation between Hong Kong and Guangdong Province is already providing a major boost to Hong Kong's tourismindustry, Ip noted.

"Both of these developments -- the CEPA and cross-boundary co-operation -- will mean more mainland buyers and exhibitors at HongKong trade fairs," he said.

A recent Business Strategies Group study showed that in 2002, the exhibition industry contributed 7.3 billion Hong Kong dollars (935.9 million US dollars) to Hong Kong's economy. That sum was spent not only on the exhibitions, but also in related sectors such as hotels, restaurants and retail.

Conventions, taken separately, contributed another 675 million HK dollars to the economy -- again, mostly in the form of tourism income from overseas visitors.

Spending by overseas participants in conventions and exhibitions in Hong Kong has more than doubled the per capita spending of visitors overall.

There are some exciting infrastructure developments for the exhibition industry in Hong Kong. One is the new world-class International Exhibition Center at Hong Kong International Airport,which is scheduled for soft opening by the end of 2005.

The Hong Kong government will be investing 2 billion Hong Kong dollars in the project, which is expected to generate economic benefits of more than 10 billion Hong Kong dollars over a 25-year period.

At 66,000 square meters for the first phase, it will have the largest column-free exhibition halls, spacious enough to host heavy equipment fairs. There are also plans to add 30,000 square meters by 2009.

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