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Hong Kong’s exhibition industry delivers US$4.6 billion economic benefit
Hong Kong's exhibition industry contributed HK$35.8 billion (US$4.6 billion) to the local economy in 2010, equivalent to 2.1% of Hong Kong's total GDP, while generating the equivalent of 69,150 full-time jobs.
The report, commissioned by the Hong Kong Exhibition and Convention Industry Association (HKECIA), revealed that the exhibition industry continues to bring significant benefits to Hong Kong's economy not only by contributing substantial expenditure effects, but also by providing thousands of jobs for the exhibition industry and other service industries and supporting sectors, including hotel, food and beverage, retail, stand design and construction, and logistics and freight forwarding.
The latest in a series of biennial Economic Impact Study reports on Hong Kong's exhibition industry the report compared current performance with findings from the 2008 report, and showed that all the indicators moved upwards showing positive compound annual growth rates (CAGR). The economic benefit of the industry had rise by 18.6% from 2008 to 2010.
The report attributes the strong growth of the past two years to the continued high level of global sourcing activities for products from Mainland China and other Asian countries. At the same time, businesses from around the world are increasingly looking to use Hong Kong's exhibition platform to introduce their products to the growing markets in Mainland China and other Asian markets. This is a situation that, according to the report, is likely to continue and will provide the city with ongoing exhibition growth opportunities.
HKECIA Chairman Daniel Cheung backed the report's assessment, noting clear signs that the world's centre of economic gravity is continuing to shift eastwards.
Identifying local drivers for the growth shown by the study, Cheung stated "this increasing business activity has come about due to the addition of new exhibitions, growth of recurrent shows at the two venues AsiaWorld-Expo and the Hong Kong Convention and Exhibition Centre (HKCEC), as well as increased exhibition space arising from the expansion of the HKCEC in 2009."
The report gives precise estimates of various economic benefits arising from the exhibition industry, but also mentions the many important intangible benefits generated by the exhibition industry.
These benefits are less easy to measure but are nevertheless very real.
Here Cheung stated "exhibitions are important factors in raising Hong Kong's international status. Currently, Hong Kong hosts five of the world's largest trade exhibitions and seven of Asia's largest trade exhibitions. Record-breaking events like this reinforce and publicise Hong Kong's profile as a reliable, successful and dynamic place to do business of any kind, creating a momentum which keeps Hong Kong high in global public awareness as an ideal business location.
"The report confirms that the exhibition industry is a driving force behind Hong Kong's economic strength. Exhibition activities are key to the development of import and export opportunities, and are also essential marketing platforms by which our SMEs can make international business contacts without the expense of travelling overseas."
Reflecting on the overall implications of the report, Cheung concluded "while we are pleased with the findings of this carefully researched and objective report, we need to be mindful of ongoing competition from the region. To take full advantage of market trends, Hong Kong's exhibition industry must remain proactive and continue to invest so that our facilities remain second to none, and our service standards unmatchable."
KEY FINDINGS OF THE ECONOMIC IMPACT STUDY 2010:
Expenditure effects - 2010: HK$35.8 billion; 2008: HK$30.2 billion; Growth: 8.9%
Fiscal impact - 2010: HK$1.1 billion; 2008: HK$920 million; Growth: 10.7%
Employment - 2010: 69,150 FTE; 2008: 61,000 FTE; Growth: 6.5%
For more information go to www.exhibitions.org.hk
Image: AsiaWorld–Expo featured as the cover story in the January/February 2011 issue of Australasian Leisure Management.
22nd June 2011 - HONG KONG’S EXHIBITION INDUSTRY REAFFIRMS LEADING ROLE
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