HAECO Welcomes Government Initiatives to Develop Human Capital

Hong Kong Aircraft Engineering Company Limited ("HAECO") Chief Executive Officer Augustus Tang today welcomed the initiatives taken by the HKSAR Government to invest in education and optimise human capital, as detailed in the Financial Secretary Mr John Tsang's Budget Speech.

"We fully support the Government's proposal to designate HK$100 million to establish a training fund for maritime and aviation transport, as a sufficient supply of aircraft engineering and maintenance technicians, mechanics and engineers is crucial to maintaining Hong Kong's international aviation hub status," said Mr Tang.

According to the Financial Secretary, the fund which will be used to sustain and expand various schemes and scholarships and to implement other new initiatives, will "help attract young people to enrol in related skills training and degree programmes and join the industry upon graduation, providing a wealth of vibrant and competitive talent for the industry."

Mr Tang said: "The shortage of skilled and semi-skilled labour is affecting various air services operators at the airport island, not just HAECO. We totally agreed with the Financial Secretary that 'a long term labour shortage will hinder the development of industries, affect the employment market and even dampen our economic vibrancy.'

"We are very encouraged that the Government is addressing the issue with the training fund for maritime and aviation transport and a host of other initiatives, including the enhancement of vocational training and employees retaining. We believe the Government's proposed aviation fund will be a strong impetus to complement our training and development efforts.

"Due to the very specialised nature of our industry, HAECO has been providing comprehensive training on aircraft maintenance and engineering to school leavers over the decades. As always, we will continue to invest in people training and development and work closely with educational and vocational training institutes to recruit and attract talents to join our industry."

Air services support Hong Kong's four pillar industries - financial services, trading and logistics, tourism, and business and professional services. As a leading provider of aircraft maintenance, repair and overhaul services with more than 60 years of history in Hong Kong, HAECO is committed to the development and growth of the Hong Kong aviation hub.

About Hong Kong Aircraft Engineering Company Limited ("HAECO")
HAECO is one of the world's leading aeronautical engineering groups providing a comprehensive range of services encompassing Airframe Maintenance, Cabin Reconfiguration / Integration Services, Cabin Completion Centre / Design Engineering, Freighter Conversion, Parts Manufacturing, Line Maintenance, Fleet Technical Management, Inventory Technical Management, Component Services, Engine Overhaul and Technical Training. The HAECO Group consists of 18 subsidiaries and affiliates, employing over 14,000 staff in Hong Kong, Mainland China, Singapore and Bahrain. In 2012, HAECO was awarded the "Leading Independent Organisation" by Aviation Week and voted as the "Best Airframe MRO Provider - Asia" at the Aircraft Technology Engineering & Maintenance Awards. HAECO is publicly listed on the Hong Kong Stock Exchange (Stock Code: 00044). HAECO's website: www.haeco.com