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The prospects of marketing Virginia wines in Hong Kong was the main focus of discussions with Virginia state officials during Hong Kong Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong's visit to Richmond, the capital of Virginia on March 18 (Virginia time, USA).
Mr Tong met with Director of the Virginia Wine Board Marketing Office, Ms Annette Ringwood Boyd. In the meeting, Mr Tong highlighted Hong Kong's development as a regional hub for wine-related business.
Since the elimination of wine duty in Hong Kong in February 2008, Hong Kong has seen a significant increase in wine imports from the United States, from US$9 million in 2007 to US$42 million in 2009. Hong Kong is also seeing increasing activities from wine auction houses as well as wine storage and trading companies.
Mr Tong pointed out that Hong Kong is the second biggest center for wine auctions after New York. Last year, Hong Kong held 14 wine auctions with sales amounting to US$64 million.
The Commissioner met with Virginia Secretary of Agriculture, Mr Todd Haymore and Virginia Secretary of Commerce and Trade, Mr Jim Cheng, where they discussed Hong Kong-Virginia trade. Virginia Governor, Mr Bob McDonnell dropped by the meeting to greet the Commissioner.
Last year, Virginia exported US$166 million worth of goods to Hong Kong. Key exports included chemical products, processed food, and computer & electronic products.
The Commissioner stopped by the University of Richmond where he addressed students and faculty at the Robins School of Business on Hong Kong's transformation from a manufacturing base into a services-oriented economy as well as the government¡¦s strategy during the global economic crisis.
During his visit to Richmond, Mr Tong also called on the Mayor of Richmond and met with the Virginia Asian Chamber of Commerce.
Ends/Saturday, March 20, 2010
Issued at HKT 14:16
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