Hong Kong's financial chief John Tsang said Wednesday that Hong Kong must expand and strengthen its four pillar industries to maintain its competitiveness.
When delivering his budget speech, Tsang said, traditional pillar industries have been the major driving forces behind Hong Kong's economic development. They have clear advantages internationally and are highly competitive.
Currently, the four pillar industries - trading and logistics, tourism, financial services and business and professional services employ 1.7 million people, or 48 percent of the total labor force. These pillar industries contribute to 59 percent of the city's GDP.
He said, to further promote consolidating trading and logistics industry, the city's government have reserved a logistics site with an area of about two hectares at Tsing Yi which will be put on the market in the first half of this year.
The government also plan to designate about ten hectares of land at Tuen Mun West for the development of logistics facilities. This will facilitate clustering of companies involved in various operations and services for the industry.
"Upon completion of the Tuen Mun-Chek Lap Kok Link in 2018, it will only take ten minutes to travel from Tuen Mun West to the Airport." He added that upon completion of the logistics facilities at Tsing Yi and Tuen Mun West, more than 300,000 square meters of floor area and 7,500 new jobs in various trades will be provided.
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