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Acting FS' speech at opening ceremony of Hong Kong International Wine Fair 2008 (English only)
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     Following is the speech by the Acting Financial Secretary, Mrs Carrie Lam, at the opening ceremony of the Hong Kong International Wine Fair 2008 today (August 14):

Mr Fred Lam, Mr William Chan, distinguished guests, ladies and gentlemen,

     Good morning.  It gives me great pleasure to be here today to join you for the Hong Kong International Wine Fair, the maiden wine fair of the Hong Kong Trade Development Council (TDC).     
 
     To those of you who have come to Hong Kong from abroad, I would like to extend a warm welcome.  I sincerely hope that you will find the experience rewarding.

     Today marks an important milestone for our wine industry.  While Hong Kong has had the privilege of being the chosen venue for a number of international wine fairs in the past, the fair today is the first "home-grown" one organised by the TDC.  This is a good opportunity for us to take stock of the development of the wine business in Hong Kong and to showcase the vibrancy of the sector in front of an international audience.

     The Asian wine market is full of promising potential.  The global demand for wine is shifting from traditional wine consumption markets like Europe and the US to Asia.  The value of wine imported into Asia (excluding Japan) is expected to reach up to US$1.5 billion by 2017.  Within Asia, Mainland China is the biggest wine importer.  Strong economic growth, increasing prosperity and changes in lifestyle have led to demands for wine in Mainland China going up dramatically.  The trade anticipates that wine imports into Mainland China will grow to as much as US$870 million by 2017, or 58% of the Asian market (excluding Japan).

     To help our trade to capitalise on this growing market, we have reduced our wine duty from 40% to zero earlier this year.  That makes Hong Kong the first free wine port among major economies.  The market has since reacted swiftly.  Wine imports have increased; wine trading and distribution business have grown; companies are expanding their storage facilities; wine auctions have been held with record-breaking sales and more auctions are being lined up.  Jobs have been created and economic benefits are brought to the community.

     Besides duty reduction, the Government has been working on a number of measures in support of the further development of wine-related businesses in Hong Kong.  These include:

(a) introducing customs facilitation measures;
(b) identifying possible heritage sites for wine-related uses;
(c) synchronising the promotion work of various agencies including TDC, InvestHK and the Hong Kong Tourism Board;
(d) enhancing training programmes for personnel ranging from sommeliers to frontline staff; and
(e) strengthening enforcement actions against possible wine counterfeits.

     We are also strengthening our co-operation with other countries in areas including wine-related trading, tourism and education.  For example, we will soon sign a Memorandum of Understanding on this with France, the largest supplier of wine imports into Hong Kong.

     At the Wine Industry Conference that follows this opening ceremony, my colleagues will give you a more detailed account of the supportive measures.  To learn from others, we look forward to having fruitful exchanges and the sharing of experience at the Wine Industry Conference.

     In tandem with the Government's announcement of the duty reduction in February this year, the TDC has taken immediate steps to organise this wine fair.  I am pleased to note the strong presence of international wine merchants in this event, including more than 240 exhibitors from over 25 countries.  With such favourable initial response, I am pleased to announce that the TDC has decided to turn this event into an annual one.  This demonstrates our commitment to fortify Hong Kong's position as a regional hub for wine trading and distribution.

     Wine merchants are of course the key players in the fair.  That said, we have not lost sight of the important role played by ancillary sectors, such as logistics and storage companies, in furthering the development of Hong Kong's wine business.  I am pleased to note the strong support that these sectors have lent to this fair.

     In its third day, the fair will be open to the general public as part of our efforts to promote wine appreciation and education.  Interesting events such as wine tasting sessions and workshops will be rolled out.  Hopefully, more Hong Kong people would see their way to becoming sophisticated wine consumers and be able to appreciate more the joy of drinking.

     Good wine goes well with quality food.  Appreciating the synergy between the two, the TDC is holding the Wine Fair concurrent with another popular event called the Food Expo.  This event attracted over 8,500 trade buyers and more than 314,000 members of the public last year.  The Hong Kong Tourism Board has also helped to promote this "fine wine fine dining" concept by lining up more than 50 restaurants and hotels to offer free corkage on the third day of the Wine Fair.

     Your presence at today's ceremony tells us that you share our vision about the bountiful opportunities for the wine industry in Asia and especially in Hong Kong.  I am confident that the world class infrastructure you find here, including our well-established trading network, robust financial system, extensive brand marketing experience, top-notch transportation connectivity, coupled with our determination to become Asia's wine hub, will give you the platform to breathe life into the wine trading activities booming across Asia.

     I wish the Hong Kong International Wine Fair every success.  This marks the first of an annual event, and I look forward to seeing you more in Hong Kong not just for this fair in future, but also for other business activities and events here. I wish you good business and every success.

     Thank you.

Ends/Thursday, August 14, 2008
Issued at HKT 11:47

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