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Company News
Hong Kong – A wine trading and distribution hub in Asia
(drinks media wire) - According to the industry, Hong Kong has become a regional wine trading and distribution hub in Asia. Since the elimination of wine duties in February 2008, merchants have seized the opportunity to increase shipments and establish a greater presence in Hong Kong. Companies from various sectors of the wine industry are seeking to uncork the huge potential market in Asia and particularly in Mainland China – a region tipped by the industry to be the driver of global wine sales in the next decade and beyond.
Why Hong Kong?
- Zero wine duty
Hong Kong has removed all wine duties since February 2008. With no VAT or GST, Hong Kong is the first free wine port among major economies.
- No duty-related administrative work
All duty-related customs/administrative controls for wine have been removed since June 2008, which means duty-free wine importation and exportation with minimal hassle.
- Neutrality
Hong Kong is not a wine-producing area. Our neutrality in trading and promoting wine is widely recognised.
- Experience in wine trading
With over 40 years of experience in wine trading, Hong Kong has in-depth knowledge of the industry and the necessary network with vineyards/wine-producing areas.
- Understanding of Asian cuisines and wine pairing
Hong Kong people understand the wining and dining preferences of Asians. We also provide a good platform for pairing wines with Asian cuisine.
- Proximity to the Mainland market
Strong economic performance, increased prosperity and changes in lifestyle have led to a significant rise in the demand for wine in Mainland China. As an international gateway to the Mainland, Hong Kong is in the prime position to capitalise on this trend.
Out of the 36 million visitors to Hong Kong in 2010, 22.6 million were from the Mainland. They can directly try and buy in Hong Kong wines from different parts of the world.
- Bilingual environment
We have a bilingual business environment with a wealth of seasoned professionals proficient in Chinese and English. Information is made available in both languages as a matter of course.
- Fundamental strengths
Hong Kong’s global connectivity, strong foundations as an international business and financial centre, free economy, low and simple tax system, as well as clean and efficient government combine to provide a strong base for the development of wine-related businesses.
- Supportive Measures
Facilitating the movement of wine into the Mainland
We have rolled out with the Mainland Customs in June 2010 facilitation measures for wines imported from Hong Kong. The measures include pre-valuation of wine and compressing the clearance time at Mainland ports. The measures are being tried out in Shenzhen.
- Zero tariff for wines manufactured in Hong Kong into the Mainland
From 1 January 2011, wines manufactured in Hong Kong can enjoy zero import tariff on their importation into the Mainland under the Closer Economic Partnership Arrangement (CEPA).
- Promotion
The Government has been synchronising the strategies of various agencies in promoting wine trading and distribution, including the Hong Kong Trade Development Council, Invest Hong Kong and the Hong Kong Tourism Board. Riding on the publication of the “Michelin Guide” on Hong Kong since 2008, we have also been promoting wine and dine activities.
Key promotional events in Hong Kong include international wine fairs/roadshows such as Vinexpo, our “homegrown” International Wine & Spirits Fair as well as the Wine and Dine Festival.
- Wine storage
Wine traders may choose to store their wine in reliable storage facilities to ensure that the quality of the wine as an investment stock is preserved. With the assistance of the Government, the industry and the Hong Kong Quality Assurance Agency launched in December 2009 a scheme for accrediting storage facilities which meet certain required standards. The scheme is being extended to the retail/consumption and transportation sectors.
- Manpower training and wine education
Local public and private training institutions have been strengthening co-operation with overseas counterparts and developing enhanced training programmes for personnel engaged in wine-related business. More training materials are being translated into Chinese.
Contact
| E-mail: exhibitions@hktdc.org |
| Web: http://www.hktdc.com/hkwinefair |
| Company: Hong Kong International Wine & Spirits Fair |
| Address: Hong Kong Trade Development Council Unit 13, Expo Galleria - Wan Chai |
| Country: HONG KONG |
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