Trade Development Council Chairman Jack So has welcomed the initiatives in today's Budget address saying the council will organise its first international wine expo later this year.

Mr So said the Budget's proposals will promote the local exhibition and convention industry, creative industries and the wine trading business. The wine duty exemption will bring more opportunities to Hong Kong in auctions, and wine distribution and storage. Mr So said Hong Kong has the potential to become Asia's hub for wine trading, promotion and investment.

With its proximity to the Mainland, Hong Kong is set to become the global industry's preferred platform for promoting wine to the China market.

With these favourable factors the council will hold the first Hong Kong International Wine Expo at the Convention & Exhibition Centre this summer.

Expansion of the centre will be completed next year offering 40% more exhibition space at 66,000 square metres, enabling the hosting of more international mega-conventions and exhibitions.