World-class expo centre: Chief Executive Donald Tsang and InvestHK Director General of Investion Promotion Mike Rowse tour the newly opened facilities.

Speaking at the official opening today, Mr Tsang noted that this world-class convention and exhibition facility "is situated right next door to our international airport that year after year is voted one of the world's best."

AsiaWorld-Expo also reflects Hong Kong's changing economic role, as it moves away from manufacturing to become a services economy. Services now make up 90% of the economy, probably the highest percentage in the world, he added.

Hong Kong serves as a regional hub and a base for international and Mainland companies to manage their business operations in East Asia. It also serves as a two-way springboard: for companies from around the world wishing to access the Mainland of China, in particular the Pearl River Delta, and for Mainland companies to launch themselves into the international marketplace.

"It is no coincidence that many of the exhibitions to be held here in the coming years are to show off Chinese goods and services to the world. Others will show the world's best products to an increasingly sophisticated and substantial market in the Mainland," Mr Tsang said.

"We facilitate trade; we facilitate business. We help to put the different parties in touch with each other. And in so doing we earn our own living."

The new facility also highlights the partnershp between the public sector and private sectors. The Government invested a "substantial amount" of equity, as part of its duty to provide the infrastructure to revive the economy, to enable it to flourish and grow.

"The private sector has also played a critical role in ensuring the success of the project. The first phase of this state-of-the-art facility has been built and commissioned on schedule and within budget - two characteristics of Hong Kong businesses on which we pride ourselves," Mr Tsang said.

The complex includes an arena that will seat up to 13,500 people indoors in air-conditioned comfort. It will help attract major events and world-class performers to Hong Kong in future.

The single ground-floor facility will offer up to 100,000 square metres of exhibition space. It is located on a 17-hectare site at the airport's northeast corner.

The centre is one of the most conveniently located exhibition and events venues, and the only one in the world that combines full integration with a busy international airport and the service of an in-venue railway station. Visitors can walk straight from the exhibition halls to the platform of the Airport Express train and connect to anywhere in Hong Kong served by the Mass Transit Railway.

More than 30 major international exhibitions and events are already scheduled for the venue in 2006. They are all firsts to the city and most are recurring events for subsequent years.

They are estimated to bring about $4 billion of economic benefits to Hong Kong the complex's first year of operation, said AsiaWorld-Expo Management Limited Chief Executive Officer Nicolas Borit.

AsiaWorld-Expo will complement the city's existing facilities, and together they will ensure that Hong Kong has world-class venues to meet the growth in demand for exhibition and conference space.