Proposing a toast at the signing of the joint venture: (left) AA's Dr David Pang, InvestHK's Mike Rowse, Financial Secretary Henry Tang and Dragages managing director Luc Messier

The US$500 million IEC at the Hong Kong International Airport (HKIA) would complement existing world-class facilities at the Hong Kong Convention and Exhibition Centre (HKCEC) in Wan Chai, said the Financial Secretary Henry Tang.

"The IEC/HKCEC combination will ensure that Hong Kong remains competitive in capturing the growing exhibition market in the region. It will definitely take our convention and exhibition business to a new level and consolidate our position as an international business centre and a trade fair capital," added Mr Tang.

According to the agreement, the Hong Kong Government and the consortium led by Dragages will fund the construction cost of the IEC, whilst the AA will contribute the land in exchange for equity stakes. The partners in the consortium include the operating partner NEC, Birmingham of the United Kingdom and Yu Ming Investments.

World-class exhibition facility

Dragages managing director Luc Messier said the consortium was delighted to have the opportunity to develop the world-class exhibition facility. "The open exhibition space on one floor at the IEC will make it a perfect venue for exhibitions of all types, from consumer trade fairs to industrial fairs, and will also attract large public shows and entertainment events, thanks to a multi-purpose hall which can seat up to 13,500."

The IEC would be a key component in leveraging HKIA as the cornerstone of a multi-faceted and aviation-based business hub, according to the chief executive officer of the AA Dr David Pang.

"The IEC would be able to take advantage of the fact that the airport has connections to more than 140 cities worldwide on some 75 airlines. In addition, Hong Kong allows visa-free entry from a majority of those connections, which is another tremendous plus for an exhibition centre that can offer maximum convenience and accessibility to its customers," added Dr Pang.

The soft opening of the 17 hectare facility is scheduled for end 2005 and will be fully operational by the first quarter of 2006 with 66,000 square metres of exhibition space.

Full details at "Public-private joint venture to develop airport exhibition centre".