Published on : Friday, December 29, 2017
The exhibition industry in Hong Kong has been emerging as a diversified sector that not only offers interesting venues but also a great variation of support services for music concerts, international conferences, banquets and much more.
It earns a gigantic revenue and generates a large number of jobs.
So naturally, it does have an immense significance to the country.
A recent report that was published by the Hong Kong Exhibition & Convention Industry Association mentions that in 2016 the regional exhibition industry had ended up generating as much as HK$52.9 billion in terms of tourist and consumer spending that equals to nearly 2.1% of the gross domestic product (GDP) for that year.
This study also indicates that international exhibitors tend to spend about 75% more than overnight tourists on average.
Alongside the direct revenues it generates, the exhibition industry also offers a lot of business opportunities for other sectors including insurance companies, booth builders, logistics companies, travel agencies and hotels.
It is estimated that the exhibition sector along with other peripheral sectors offering nearly 77,000 jobs in their city in the year 2016.
Chief Executive Carrie Lam Cheng Yuet-ngor, in her maiden policy address had answered calls for the building of more exhibition venues by proposing to expand the existent Hong Kong Convention and Exhibition Centre (HKCEC) in Wan Chai.
However she had failed to address another major concern of the local exhibition industry that is the unfair advantage of the Hong Kong Trade Development Council (HKTDC) over other private exhibition organizers.
The government of Hong Kong needs to expand the HKCEC in Wan Chai and designate the vacant lots close to the AsiaWorld-Expo on Lantau Island for the construction of new exhibition and conference facilities.
Furthermore the government can also consider permitting the usage of the Kai Tak cruise terminal for major exhibitions and events.