Vinexpo reinforces Hong Kong’s importance

Hong Kong’s importance as a centre for wine trading was reinforced at the opening ceremony of Vinexpo Asia-Pacific yesterday.

“We have been working hard to cultivate the right environment for the wine industry to flourish,” stated Gregory SO Kam-leung, Hong Kong’s secretary for commerce and economic development.

Following the decision to abolish duty on imported wine in February 2008, Kam-Leung said that Hong Kong was “fine tuning” its infrastructure.

He also recorded the phenomenal growth in wine sales from US$200 million ­before duty was removed on wine ­to $1.2bn last year.

“Last year Hong Kong had a year on year rise in value of 40%,” he said of the wine industry.

He also reminded that Hong Kong had “retained its leadership” in terms of sales at auction, with as much as $229m of wine going under the hammer last year.

Furthermore, he revealed that he had just signed a “declaration of intent” with Germany to promote the country’s wines in Hong Kong.

“This is the thirteenth place we have concluded agreements,” he stated, referring to bilateral trade accords.

“Hong Kong is the gateway to mainland China, which is considered the market with the greatest growth potential,’ he added.

“China is now the fifth largest wine consumer in the world, and it is believed it will increase by 54% in 2013.”

Meanwhile, the chairman of Vinexpo Asia-Pacific, Dominique Hériard Dubreuil, said that Vinexpo’s aim was “to seed growth in wines and spirits” and described Hong Kong as “one of the most attractive places to do business on the planet.”

She added that over 15,000 visitors had pre-registered for the fair, which runs from today until Thursday this week.

“There is business afoot,” she concluded.