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Chief Executive Tung Chee Hwa said the Government is pressing ahead with major investments in tourism infrastructure over the next five years.
At the opening ceremony of the Boao Forum for Asia's Revitalizing Asian Tourism Conference, Mr Tung said the Government is keen to encourage private businesses to participate in Hong Kong's tourism expansion.
Investment in the tourism sector not only benefits Hong Kong, he said, but also contributes to "making Asia as a whole more attractive as a tourist destination".
Tourism projects in the pipeline
The investments will cover wide-ranging new developments as well as renovations to existing facilities, he said.
Projects involving private-sector participation include Hong Kong Disneyland due to open in 2005, a cable car being developed on Lantau, and upgrades of existing attractions such as the Tsim Sha Tsui waterfront promenade.
The Government also intended to invite expressions of interest from the private sector for the development of a new cruise terminal.
"Our investment in this sector is based on a practical reality: Tourism offers wide economic benefits," Mr Tung added.
It will bring employment opportunities and career development opportunities. It will also help diversify the economy, providing jobs at all levels.
Strong growth before the SARS outbreak
Mr Tung said Hong Kong's strong economic growth in the last few quarters before the SARS outbreak shows that the economic policy is in the right direction. The economy is on the road to recovery, and painful economic restructuring is beginning to bear fruit.
Tourism, one of Hong Kong's pillar industries, performed remarkably in 2002, with the total number of visitors reaching a record high of 16.6 million - an increase of 20.7% as compared to 2001.
However, the SARS outbreak has unfortunately dealt a devastating blow to the recovery. The damage to the economy is across the board, and the hardest hit are the tourism, hotel, restaurant, and retail sectors.
To help reduce the short-term impact of the SARS outbreak on the economy, the Government announced in April a US$1.5 billion (HK$11.3 billion) relief package to provide support for the affected sectors.
"We are beginning to see the recovery of business in many sectors," Mr Tung said.
Signs of recovery
"We are already starting to see visitors coming back especially from Mainland China, while other key markets like the US, Europe, Southeast Asia and Japan are also showing gentle recovery."
The signing of a Closer Economic Partnership Arrangement between Hong Kong and the Maniland will open up many new and exciting opportunities for Hong Kong.
Similarly, arrangements for individual visitors from Guangdong province to visit Hong Kong will give an enormous boost to the tourism industry.
To revitalise our economy and restore international confidence in Hong Kong as one of Asia's most popular destinations, the Government is working closely with the Hong Kong Tourism Board, hotels, airlines and the retail and restaurant sectors to prepare a comprehensive strategy to relaunch Hong Kong.
Hong Kong will play host to major events, including business conferences, exhibitions, and sports and cultural events.
"These measures are designed to overcome the devastating impact that SARS has had on our economy, " Mr Tung said.
"With the general improvement of the external environment and the foundation work we have done, I am confident the SARS impact on our economic recovery, though severe, would be temporary," he said.
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