Cathay Pacific Welcomes Policy Address Commitment to Enhance Hong Kong's International Competitiveness

Cathay Pacific today welcomed the commitment made by the HKSAR Chief Executive, Mr Donald Tsang, in his Policy Address that the Government would strive to enhance Hong Kong's status as an international centre for financial services, trade, shipping and logistics, so as to better leverage its unique advantages and functions during the National 12th Five-Year Plan period.

Cathay Pacific Chief Executive Tony Tyler said: "Hong Kong is Asia's premier international aviation hub and so we welcome the Government's commitment to develop Hong Kong's status as an international centre for financial services, trade, shipping and logistics. The aviation industry is a huge and important contributor to the Hong Kong economy, and the development of our aviation hub is crucial to Hong Kong's international competitiveness and long-term economic prosperity.

"Our airline is making massive investments in the aviation business, which underline our continued commitment to developing the city's position as a global aviation and airfreight hub."

Cathay Pacific is building a state-of-the-art air cargo terminal at Hong Kong International Airport (HKIA) at a development cost of HK$5.5 billion. As indicated in the Policy Address, the new terminal, when completed in early 2013, will increase the airport's cargo handling capacity by 50%.

The airline has recently ordered 36 new aircraft at a combined list price of HK$75 billion. This is in addition to the 30 aircraft it already has on order for delivery up to 2013.

Meanwhile, Cathay Pacific also welcomed the midfield expansion project at HKIA which begins next year and will increase capacity and ease air-traffic congestion.

Mr Tyler said: "It is very important that we continue to monitor the growth in demand so that all facilities at the airport are in place to meet long-term air traffic growth. We look forward to participating in the consultation for the development of a third runway at HKIA which is crucial to maintaining Hong Kong's position as Asia's premier international hub."