The 2011 International Olympic Committee Session if held in Hong Kong could woo 10,000 visitors bringing $110 million in revenue, the Home Affairs Bureau says. The $135-million event could also bring the city many other benefits.

In a Legislative Council paper today the bureau said the International Olympic Committee has acknowledged the Hong Kong Sports Federation & Olympic Committee's interest to host the event.

It said if held in Hong Kong the event will benefit the local economy, particularly the tourist, hospitality and exhibition industries. It will also raise Hong Kong's prestige and profile in the international sports arena, further establish it as Asia's world city with the dynamism and ability to organise world-class international events, and showcase the city's latest infrastructure development.

The bureau will seek lawmakers' approval of the estimated financial implications on hosting the event on February 22 so the Hong Kong Sports Federation & Olympic Committee will submit a formal bid by February 28.

The International Olympic Committee will announce the host city in August. If Hong Kong's bid is successful, an organising committee will be formed in this year's fourth quarter to plan and prepare the event.