With still one year and a half to go before a new convention and exhibition venue is put into use in Hong Kong, some 12 large conventions are scheduled to be staged there during the first year of its operation, an official said in Hong Kong Monday.

Clearing doubts about the necessity of investing 2.35 billion HK dollars (301 million US dollars) in building a new convention hall in Hong Kong, already one of the world's major expo and convention centers, Hong Kong's Secretary for Commerce, Industry and Technology John Tsang said at a press briefing on the progressof AsiaWorld-Expo that Hong Kong's current expo space is not enough.

This new venue will take up a lot of new activities that would otherwise have gone to other places because Hong Kong does not have enough venue, space in downtown, the secretary said, adding that AsiaWorld-Expo will complement well Hong Kong's outstanding facilities at the Hong Kong Convention and Exhibition Center.

By now, AsiaWorld-Expo's management has confirmed 12 major international exhibitions for 2006, most of which will be recurring annual events at the venue, Tsang said.

According to a report of the international research company Business Strategies Group (BSG), AsiaWorld-Expo will contribute over 2.8 billion HK dollars (359 million US dollars) in economic benefits to Hong Kong in its first full year of operation of 2006,far exceeding all previous expert forecasts, and 10 billion HK dollars (1.28 billion US dollars) over the next 25 years.

BSG also anticipates that the new venue will generate 350 jobs in the exhibition industry directly and an additional 2,200 in related industries such as hotels, restaurants, retail and transport in Hong Kong. In short, AsiaWorld-Expo can increase the contribution made by exhibitions to Hong Kong by almost 40 percent,the report noted.

Of the sponsors of the 12 large conventions, the NASDAQ-listed Global Sources will launch its major significant tradeshows thatwill take all the space of AsiaWorld-Expo in Spring and Fall of 2006. The company has planned to invest more than 400 million HK dollars (51.28 million US dollars) over the coming 3 years in its exhibitions at AsiaWorld-Expo, announced its Chairman and CEO Merle A. Hinrichs.

"With the positive and overwhelming response we received from the local and international exhibition and event organizing community, we are delighted that AsiaWorld-Expo is strengthening Hong Kong's position as Asia's leading trade fair hub," said Nicolas Borit, Chief Executive Officer of AsiaWorld-Expo Management Limited.

Clara Chong, Executive Director of the Hong Kong Tourism Board,said that the board has thrown its full support behind the development of Asia World-Expo.

She noted that visitors to conventions and trade shows, generally speaking, will stay in Hong Kong longer and spend more than ordinary visitors.

Besides the Hong Kong SAR government, investors of the AsiaWorld-Expo also include Dragages Hong Kong Limited and Yu MingInvestments Limited.

Construction of the new venue, located at the Hong Kong International Airport, began in March this year. Upon completion, it will offer over 70,000 square meters of rentable space.

Source: Xinhua