Hong Kong and Taiwan Launch World’s First ‘Asia Cruise Fund’



Philip Yung, commissioner for tourism of the Hong Kong Special Administrative Region Government announces details on the Asia Cruise Fund at the 2014 Cruise Shipping Miami on March 11th, 2014

The world’s first-ever “Asia Cruise Fund” was announced at Cruise Shipping Miami 2014 by Mr. Philip Yung, Commissioner for Tourism of the Hong Kong Special Administrative Region (SAR) Government, Mr. Anthony Lau, Executive Director of the Hong Kong Tourism Board (HKTB), and Dr. Wayne Liu, Deputy Director-General of the Taiwan Tourism Bureau (TTB).

Initiated by the HKTB and the TTB, the regional co-operation fund underlines the commitment of Asian ports to jointly develop cruise tourism. The fund, which will take effect on April 1 and run for three years, will be made up of contributions from participating ports and used to subsidize cruise companies to develop and market their cruise products. A major requirement is that cruise lines must deploy vessels to at least two participating ports or territories in a single itinerary.

“The launch of the fund marks a significant step towards regional cruise co-operation, which is vital if the industry is to successfully tap the potential created by the growing population of Asia’s middle class and booming outbound travel over the next decade,” said HKTB Executive Director Mr. Anthony Lau said.

“Given our geographic advantage, and riding on our existing infrastructure, Hong Kong has already proven it has everything it takes to be the cruise hub of Asia,” said Mr. Philip Yung, Commissioner for Tourism of the Hong Kong SAR Government. “The Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macau Bridge, which are targeted for completion in the coming few years, will significantly improve the connectivity between Hong Kong and the Southern China. By working with neighboring ports in the region, we believe we can make Asia an opportunity too good to miss for international cruise companies – both as a destination and a rich source of potential passengers.”

Asia holds huge potential for the cruise industry. By 2030, around two-thirds of the world’s middle-class population will be based in Asia, according to a recent report by the United Nations Development Program. This shift in population dynamics will present cruise companies with new opportunities, as the growing Asian middle class seeks out new ways to spend its leisure time. In view of this trend, Asian ports have been working together to promote and develop the region’s cruise tourism and to encourage international cruise lines to explore the rapidly expanding market.

Cruise Shipping Asia-Pacific will take place in Hong Kong from November 20-21, 2014.

Cruise Shipping Events, www.cruiseshippingevents.com/en/asia