Upon full commissioning in 2005, the six-berth Container Terminal 9 will increase our planned handling capacity by more than 2.6 million TEUs.

Speaking at its opening ceremony this afternoon, Acting Financial Secretary Stephen Ip said CT9, the largest container terminal ever constructed in Hong Kong, is "an important milestone in the development of our container port".

Its development required the concerted efforts of the Government and terminal operators to maintain the thriving momentum of our port activities, he said.

He said Hong Kong will continue to plan for the future. The Government has embarked on a study entitled HK Port - Master Plan 2020, looking at a long-term development strategy for our port.

"The study will update the port cargo forecasts and will propose a competitive and sustainable strategy as well as a master plan for Hong Kong's port development, including the feasibility of constructing Container Terminal 10," he said, adding the study will be completed by the end of this year.

Last year, Hong Kong set another record in its container throughput by handling more than 19.1 million TEUs.

"With the opening of this new berth, container throughput is expected to exceed the 20 million TEU mark this year. Roughly speaking, our port handles one 'box' every one-and-a half seconds, 24 hours a day, seven days a week."

Mr Ip said whilst the remaining works for CT9 are in full swing, matching progress is being made in the construction of the Shenzhen Western Corridor and a mirror bridge at Lok Ma Chau.

These infrastructure developments will create new conduits and improve the existing crossings to facilitate movement of freight to the container port, further strengthening Hong Kong's position as a leading transport and logistics hub.

"We all know that the logistics sector has enormous potential, and there are good reasons for this optimism," Mr Ip said.

Hong Kong's container port has been the world's busiest in nine out of the last 10 years. Its airport has been handling the largest volume of international air cargo in the world since 1996.

Moreover, Hong Kong's hinterland - the Pearl River Delta, the "factory of the world" - is the fastest growing and most open economic region on the Mainland.

Gifted with the Mainland's rapid development, Hong Kong is well positioned to capitalise on the growing demand for cargo handling and logistics services especially when the Closer Economic Partnership Arrangements open the door even further for our companies.