Speech by FS at Asian Aerospace International Expo and Congress 2009 (English only) (with photos/video)

Speech by FS at Asian Aerospace International Expo and Congress 2009 (English only) (with photos/video)
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     Following is the speech by the Financial Secretary, Mr John C Tsang, at the Asian Aerospace International Expo and Congress 2009 at AsiaWorld-Expo this morning (September 8):

Mike (Rusbridge), Distinguished Guests, Ladies and Gentlemen,

     Good Morning.

     It is a great pleasure of mine to join you here at the Asian Aerospace International Expo and Congress. A warm welcome to you all - or perhaps it would be more appropriate to say "welcome back" following the success of the event in 2007.

     The AsiaWorld-Expo is the ideal venue for this mega aerospace event. In addition to its sheer size, the AsiaWorld-Expo is integrated with one of the busiest airports in the world, it is connected by convenient, world-class infrastructure, and it is a short hop from the dynamic markets in the Mainland of China.

     Once again, here in Hong Kong, we have all the right people in the right place at the right time to do some serious business. Indeed, the timing of this year's event is impeccable.

     Since the last Expo in 2007 - and particularly in the past 12 months - economies around the world have experienced what can best be described as a "crash landing".

     The aviation sector has been hard hit by fluctuating fuel prices, cancelled or delayed orders and, in many cases a sharp fall in customers, cargo and profits.

     Although it is too early to predict the pace or shape of recovery from the global financial crisis, recent economic data indicates that economies, including Hong Kong, are emerging from severe recession, and they are - dare I say - preparing for take off.

     That makes the timing of this year's Expo and Congress particularly significant.

     As well as the financial crisis, there are a number of other important topics on the agenda over the next few days. One that caught my attention is the environmental impact of aviation. As we emerge from the global financial crisis, this is an ideal time to explore new technologies and strategies that will improve efficiency, reduce costs and at the same time help protect the environment.

     It is encouraging to see that a series of seminars covering the use of green technologies, biofuels and new engine technology to reduce CO2 emissions are on the agenda. I look forward to hearing more about the latest developments in these areas.

     In Hong Kong, we will continue to promote a favourable business environment through low taxes, open markets and free trade.

     As a premier international gateway to China, Hong Kong has an important role to play in the Mainland's economic development. Last year, Hong Kong International Airport was the world's busiest for air cargo and one of the busiest for passengers.

     Our aviation network covers 150 destinations worldwide, including 40 Mainland cities. Everyday our airport handles more than 800 inbound and outbound flights. To improve cross-boundary connectivity we have on our drawing broad a railway linking the Hong Kong International Airport with the Shenzhen Airport. This would cut travelling time between the two airports to just 20 minutes.

     Asia, in particular China, is one of the world's fastest growing regions for air transportation, with growing demand for aircraft and related equipment and services. This presents huge opportunities for all parties inside and outside the aviation industry.

     Here in 2007, over 11,000 trade visitors from 69 economies attended the show. Almost 90 per cent came from Asia - three quarters of those were from the Mainland of China. These participants represent what is potentially the world's biggest civil aviation market. With the show's unique emphasis on the Asia Pacific and the Mainland, it offers unprecedented access to this exciting market.

     Ladies and Gentlemen, this event provides a unique opportunity for operators, manufacturers and service and equipment providers to network, to share their visions and to showcase their products. We are delighted to be your hosts in bringing all the right people together in the right place at the right time for the aerospace industry in Asia.

     It only remains for me to wish you all a successful Expo and Congress, and an enjoyable stay in Hong Kong.

     Thank you very much.

Ends/Tuesday, September 8, 2009
Issued at HKT 13:15

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