HONG KONG – A new report from the Hong Kong Exhibition and Convention Industry Association (HKECIA) has revealed that the local exhibition industry played a key part in Hong Kong’s survival against the recession.
The biennial survey, titled Economic Impact Study Report 2008 and conducted by professional services firm KPMG Transaction Advisory Services, showed that the local exhibition industry contributed HK$30bn (US$3.8bn) to the economy and generated employment for 61,000 full time employees. It also raised close to HK$1bn in taxes.
“This report is a valuable reminder that Hong Kong’s exhibition industry has an important role to play in Hong Kong’s prosperity,” said HKECIA chairman Stanley Chu. “The industry’s contribution to the economy in 2008 increased by 14 per cent compared to 2006. This was a remarkable accomplishment when we consider the challenging economic climate at the time.
“The report’s findings are also a powerful reminder that we must keep formulating new growth strategies for the long-term success of both the industry and Hong Kong."
According to the report, sourcing activities and consumer demand in China and surrounding Asian markets have continued to fuel the growth of Hong Kong’s exhibition industry. However, it claims there has been no noticeable impact of competition from mainland China or other countries in the region, largely due to the different positions and strategies used by those markets.
In addition to its role as a base for Chinese exports, the report suggests Hong Kong should also develop as an import platform for the Chinese market by holding more exhibitions targeting Chinese buyers.
