FS's speech at opening ceremony of Vinexpo Asia-Pacific (English only)(with photos/video)

FS's speech at opening ceremony of Vinexpo Asia-Pacific (English only)(with photos/video)
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     Following is the speech by the Financial Secretary, Mr John C Tsang, at the opening ceremony of Vinexpo Asia-Pacific at the Hong Kong Convention and Exhibition Centre today (May 25):

Dominiqe, Marc, Distinguished Guests, Ladies and Gentlemen,

     Hello and Bonjour.

     I am delighted to join you today for the opening ceremony of this year's Vinexpo.  First of all, a very special welcome to those of you who have traveled long distances and come to Hong Kong from different parts of the world.

     Hong Kong is greatly privileged to be the host of the Vinexpo Asia-Pacific for the fourth time. And, just like a good wine, it continues to mature and it continues to improve. This year's event is the largest so far, with more than 840 exhibitors from 32 countries. The number of Pacific-based exhibitors has increased by 30 percent compared to 2008. This is a clear vote of confidence for Hong Kong as a wine trading and wine distribution hub in the region.

     When Hong Kong last hosted the Vinexpo in May 2008, we had just exempted duties on wine. This move has proved to be a winner for our wine industry, even though we do not produce a single grape here.

     Over the past two years, we have seen robust growth in wine-related business.  The value of our total wine imports increased 80 percent year-on-year in 2008, and a further 45 percent last year reaching almost US$600 million.

     Also, since February 2008, Hong Kong has hosted 27 wine auctions, with sales fetching a total of more than US$130 million. We have even leapfrogged London to become the world's second largest wine auction centre, next to New York. Riding on the synergy created by Vinexpo, as many as four world-renowned auction houses are holding wine sales here in the last 10 days of May.

     Many more wine companies have set up or expanded their business in Hong Kong to tap the growing opportunities. Over 150 new companies have been established here since the duty exemption in 2008. These companies have created jobs, opportunities and wealth-and all this during a difficult time with the global crisis.

     We are pleased with the way things have gone for our wine trade over the past couple of years, but we could not have done it without all of you-our partners in promoting wine enterprise.

     In August 2008, we signed our first wine co-operation agreement. It was with France-our largest wine importer. Since then, we have entered into similar agreements with eight more countries and regions, most recently the Amercian states of Oregon and Washington. We will also sign a supplemental agreement with Bordeaux later today. And more such agreements are in the pipeline.

     Closer to home, the Mainland of China is an increasingly important wine market for everyone. According to a recent Vinexpo study, consumption of imported wines in the Mainland is forecast to grow by more than 60 percent between 2009 and 2013, relative to the preceding five years. As a premier international gateway to the Mainland, Hong Kong is well placed to capitalise on this market growth.

     We have been pulling out the stops to encourage wine traders to establish a base in Hong Kong for selling wines to Mainland customers. We recently reached an agreement with Mainland Customs that would facilitate the movement of　Mainland-bound wines handled by Hong Kong companies. Registration started last week and the scheme is expected to begin operation next month. So find out as soon as how this can benefit your business.

     We have also launched a certification scheme for companies whose high-quality wine storage facilities meet certain international standards. So far, nine local companies have received certification with more applications being processed.

     Ladies and Gentlemen, Hong Kong is a place where you can buy, sell, store, transport and taste the world’s best wines. Vinexpo Asia-Pacific brings all these elements of the wine trade-and much more-together under one roof.

     Please make full use of this event and this city as a platform to showcase your merchandise, and connect with likeminded people from the Mainland and from around the region. Also Let me mention also the Hong Kong Wine and Dine Festival, which will be held here again for the second time in October this year. Don't miss it!

     Finally, I wish the Vinexpo Asia-Pacific another vintage year in Asia's world city.

     Thank you very much.

Ends/Tuesday, May 25, 2010
Issued at HKT 14:41

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