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HONG KONG : Hong Kong has taken a big step to establish itself as Asia's wine capital. It has signed a Memorandum of Understanding (MOU) with traditional wine powerhouse France to cooperate in wine-related businesses and hopefully create new jobs.
The Hong Kong government said the first such agreement for wine marks a key milestone as the potential demand for wine imports to Asia, particularly the mainland, is enormous.
Financial Secretary John Tsang said: "We are also very excited about the synergy that the expansion in wine-related economic activities may generate for the promotion of tourism, the hospitality industry, as well as wine education and culture.
"Above all, I am confident that this will generate economic benefits for both places... a win-win situation, including the creation of jobs in Hong Kong, which has been the underlying objective for this initiative."
The deal comes on the heels of the city's first International Wine Fair, which drew more than 240 exhibitors from around the world.
Hong Kong also scrapped its 40 per cent wine duty in February. Its Trade Development Council expects wine consumption in Asia to double to US$17 billion in four years.
Under the MOU, Hong Kong and France will jointly promote wine-related activities in areas such as investment, education and tourism. They will also co-operate to crack down on counterfeit wine.
Michel Barnier, French Minister for Agriculture and Fisheries, said: "Hong Kong is not only a powerful springboard to the Asian market for our French products, it is also an international city where consumers know and appreciate quality wines."
However, there has been concern that Hong Kong will lose out as wine importers flock to mainland storage facilities because of cheaper land and labour costs, despite a 50 per cent wine duty.
Some have also wondered if the city's potential may be overshadowed by other global wine hubs. Government officials said Hong Kong is ready to take on the challenge.
Rita Lau, Secretary for Commerce and Economic Development, said: "We believe we have very strong fundamentals to help Hong Kong to position ourselves to compete. And indeed, there is a huge market involved, so I don't see any potential threats. We think Hong Kong has a very fine and long tradition in the appreciation and consumption of fine wine."
The government has taken another step in its ambitious plan to establish Hong Kong as the wine capital of Asia. It has high hopes for the city and believes it will one day rival wine giants such as New York and London. - CNA/ms
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