Hong Kong will bid to host the International Telecommunication Union's Telecom World 2006 gathering.

The event will bring 100,000 overseas visitors to our shores, generating valuable business for our tourism and hospitality industries.

Exhibitors will engage supporting professional services, such as construction of exhibition booths, design, marketing, advertising and event management.

The event will generate direct economic benefits amounting to $1.2 billion.

The estimated cost of hosting it is $70 million, covering the setting up of a secretariat office, organising receptions, providing hospitality services and undertaking publicity and marketing.

Secretary for Commerce, Industry & Technology John Tsang will arrive in Geneva on October 13 to attend ITU's Telecom World 2003, and lobby for support from the ITU and the industry to host the 2006 event.

Mr Tsang will deliver a keynote address on opening up trade in telecoms.

With the Mainland opening its information and communications technology market to Hong Kong companies under CEPA, and to the world under the WTO, we have the ideal venue for bringing together leading executives in the world's information and communications technology industry to explore market opportunities.

ITU Telecom World has never before been held outside Geneva. For Hong Kong, hosting the 2006 event would mean substantial economic benefits, as well as broader intangible benefits.

ITU Telecom World is the most prestigious gathering in global telecoms. It brings together leading experts from the public and private sectors, heads of state, ministers, regulators and CEOs of multinational corporations.

In 2000 and 2002, Hong Kong played host to ITU Telecom Asia.

The remarkable success of those events demonstrated beyond a doubt that Hong Kong has the infrastructural support and the high-quality hospitality services needed to host ITU Telecom World 2006.