Budget Speech

Wine and Food

56.      The market has responded favourably to my announcement of the exemption of wine duties last year. Wine trading, distribution and other related businesses have all shown notable growth. In the 10 months ending last December, the total value of imported wine reached $2.6 billion, an increase of 82 per cent over the same period in 2007. To make the most of this development as well as the release of the Michelin Guide Hong Kong Macao, we will step up the promotion of Hong Kong as an Asian wine and gourmet centre through the "World of Food and Wine" Festival, to be organised jointly by the HKTB and famous wine producers in this October. We have signed co-operation agreements with a number of winegrowing trading partners. These agreements cover investment promotion, trade shows and manpower training. They will reinforce Hong Kong's status as a regional hub for wine distribution and trading. We will actively encourage wine traders intending to access the Asian market to participate in wine fairs in Hong Kong and to set up business here.