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Speech by FS at Wine and Dine Festival 2010 opening ceremony (English only) (with photos/video)
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     Following is the speech delivered by the Financial Secretary, Mr John C Tsang, at the opening ceremony of Hong Kong Wine and Dine Festival 2010 held at West Kowloon Waterfront Promenade today (October 28):

James (Tien), Laurent (Courbu), Distinguished Guests, Ladies and Gentlemen,

     Good evening.

     It is indeed my great pleasure to join you all again for the opening ceremony of the Hong Kong Wine and Dine Festival 2010.

     First of all, a very warm welcome to all our guests from Bordeaux, our partner region for this spectacular event.

     A very warm welcome also to all the participants from the wine regions of the world, and to all our guests from near and far.

     And before I go on, I must congratulate the Hong Kong Tourism Board on staging this Wine and Dine Festival for the second year. It proves to be a spectacular show tonight.

     Although this Festival is still young, it is already developing its own distinctive flavour as a unique event. And, just like fine wine, it will continue to improve and mature with age.

     Once again, this year we have a winning combination of fine wines, tasty delicacies, and hot entertainment - all served up against the beautiful setting of our stunning skyline.

     The aim for us is to promote our city as a wine and dine paradise, not only for the people of Hong Kong, but also for the millions of vacation and business visitors from around the world.

     Since we eliminated wine duties in February 2008, the industry has continued to carve out new opportunities for sales, distribution, storage, marketing, education and so forth.

     This year is shaping up to be another bumper year for our wine sector.

     In the first eight months of 2010, our wine imports soared 73% compared to the same period last year, reaching some HK$4 billion.

     This is on the back of 40% year-on-year growth for the whole of 2009 and 80% growth in 2008.

     Hong Kong has also overtaken London to become the world's second largest centre for wine auctions, just behind New York. The 34 wine auctions held here in the past two and a half years have netted a total of HK$1.5 billion, and more auctions are in the pipeline.

     This highlights the growing appetite for wine, not only as a delicious beverage so to speak but also as a sound investment.

     Perhaps the most important objective, and indeed achievement, for us in introducing zero wine duties is that it has created jobs and enhanced business activity during a period of hard economic times for everyone.

     Ladies and Gentlemen, in closing, please allow me to cite five reasons to celebrate the further development of our wine industry.

     The first reason is job creation. The second is that it generates substantial economic activity. The third reason to celebrate is the increasing importance of Hong Kong as a centre for wine auctions. Fourthly, it brings together wonderful food, fine wines and great friends.

     Fifth and final reason is that it has inspired this great Festival for us all to enjoy.

     Thank you very much for being here and have a super time!

Ends/Thursday, October 28, 2010
Issued at HKT 20:32

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