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Exports of Japanese wine to Hong Kong have increased five-fold to 80 million yen last year since Hong Kong eliminated wine duties in February 2008.
This was stated by the Principal Hong Kong Economic and Trade Representative (Tokyo) of the Hong Kong Special Administrative Region Government, Mrs Jennie Chok, during a business seminar in Kofu, Yamanashi Prefecture, today (July 10). Yamanashi is one of the famous fine wine centres in Japan.
"With increasingly affluent populations in Asia, including Mainland China, and with our reputation as a platform for showcasing culinary specialties, Hong Kong aspires to become a regional hub for wine trading and distribution," Mrs Chok said.
She said a record number of wine auctions had been held in Hong Kong in 2008 and total wine imports from around the world registered an 80% increase in the first year that the wine duty had been removed.
In addition to the wine trade, Mrs Chok said Hong Kong had also been Japan's largest overseas market for food and agricultural products since 2005, receiving over one trillion yen's worth of such products in 2008.
On Hong Kong-Japan economic ties, she said some 1,200 Japanese companies had established subsidiaries in Hong Kong and Japan is Hong Kong's third largest trading partner with a bilateral trade value of 5.3 trillion yen.
At the seminar, Mrs Chok took the opportunity to update the audience on Hong Kong's latest economic developments.
To cope with the effect of the international financial crisis, she said the Government had introduced measures to stabilise the financial system, support enterprises and preserve employment.
"So far, we have committed HK$87 billion in economic stimuli to lessen the impact of the economic downturn on Hong Kong," Mrs Chok said.
The seminar today was attended by some 70 government officials and business leaders in Yamanashi prefecture, including the vice-governor of Yamanashi, Mr Shigehito Komatsu, and the mayor of Fuefuki, Mr Masanao Ogino.
Ends/Friday, July 10, 2009
Issued at HKT 14:52
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