HKTDC: HK International Wine & Spirits Fair & Liquor tax cut offers chances for industry

The Hong Kong Trade Development Council (HKTDC) is set to host the "Hong Kong International Wine & Spirits Fair " from Nov. 7 to 9 at the Convention and Exhibition Centre. This year's event will feature over 600 exhibitors from 20 countries and regions. The organizers claim that the fair will help the industry capitalize on opportunities arising from reduced liquor taxes and provide a platform for networking.

HKTDC Deputy Executive Director Sophia Chong mentioned that the recent policy proposal to lower liquor taxes has been positively received by the industry. She highlighted the growing market demand for premium spirits, noting that over 20% of this year's exhibitors are focused on spirit sales, with a significant increase in exhibitors from mainland China, demonstrating the effectiveness of the policy promotion.

Chong also noted that many auction houses believe the tax reduction could stimulate the development of the entire alcoholic beverage platform, and she is optimistic that the wine fair will help the industry seize business opportunities created by the tax cuts, thereby enhancing market vitality.

Chong emphasized that the impact of the tax reduction on premium spirits should not be judged solely by sales figures but also by a series of follow-up measures to promote Hong Kong as a potential hub for the liquor industry.

Chong believes that the strategy should be viewed from a long-term market development perspective, which includes increasing employment opportunities and promoting trade to advance the development of the platform. The HKTDC is actively working to attract more buyers to the exhibition, aiming to enhance market competitiveness and further solidify Hong Kong's position as a regional hub for the liquor trade.

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