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| No.8 November, 2009 |
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HK International Wine & Spirits Fair |
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 Hong Kong will continue to work towards being Asia’s leading regional wine trading hub and to uncork the potential of the burgeoning Chinese market.
Financial Secretary John C Tsang recently announced a new agreement with Chinese customs authorities that will streamline the import of wine from Hong Kong.
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Mr Tsang made the announcement on November 4 at the opening ceremony of the second Hong Kong International Wine and Spirits Fair held at the Hong Kong Convention and Exhibition Centre.
The Fair was bigger and more diverse than last year's inaugural event, attracting more than 500 exhibitors from more than 30 countries and regions, including renowned Italian roadshow exhibition, Vinitaly.
Mr Tsang said the abolition of wine import duty last year had helped establish Hong Kong as a wine trading and distribution centre in Asia.
But he said there was still a long way to go, foreshadowing additional efforts to further grow the sector.
"In the past 20 months the Government has streamlined customs procedures for wine and signed co-operation agreements with major wine producing nations and regions around the world, " Mr Tsang said.
"We have seen new storage facilities open up and trading companies expand their operations here.
"More people are learning about wine and training to become sommeliers. Last year, the value of our wine imports jumped 80 per cent year-on-year to $2.9 billion.
"In the first eight months of this year, imports amounted to $2.3 billion, a 42% increase year-on-year. We also appear set to overtake London this year in becoming the second biggest centre for wine auctions just behind New York. "
Mr Tsang said China would be an important growing wine market over the next decade and beyond.
He said a recent agreement with Chinese authorities would deliver customs facilitation measures for wine exported from Hong Kong to the Mainland.
"We are also discussing with their food safety department, the Administration of Supervision, Inspection and Quarantine, to see if we can introduce even further measures, " Mr Tsang said.
He added the Hong Kong Government was helping the wine industry launch a scheme for accrediting quality storage facilities – believed to be the first scheme of its kind anywhere in the world.
"Such an accreditation system is essential to preserving the value of fine wine as an investment asset, " The Financial Secretary said.
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