Vinitaly Gateway for Italian Wines to China: Signed Agreement with Hong Kong
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Hong Kong is the most important hub for China and the Asian market. The protocol agreement between VeronaFiere and the Hong Kong Trade Development Council (HKTDC) foresees events and activities during Vinitaly and the Hong Kong International Wine & Spirits Fair, where Italy will be the Partner Country in 2011.
Thanks to an agreement protocol signed today between VeronaFiere and the Hong Kong Trade Development Council (HKTDC), organizer of the Hong Kong International Wine & Spirits Fair, Vinitaly becomes the gateway for Italian wines to China. The agreement was finalized thanks to the important collaboration between the Italian Ministry of Agriculture, ICE, Buonitalia, Federvini and UIV (Unione Italiana Vini, or Italian Wine Union).
Hong Kong is a particularly interesting commercial location for Italian wines, especially in the wake of the decision by the local government to abolish taxes on wine and beer in 2008, which contributed to turning the city into an extremely important Asian wine hub.
In 2009, Italy exported 9 million euros (calculate current value in other currencies) of wine to Hong Kong, recording close to a 20% increase compared to 2008.
As part of this strategic alliance, the HKTDC has announced that Italy will be the Partner Country for the 2011 Hong Kong International Wine & Spirits Fair, and VeronaFiere will provide the Asian trade show the Vinitaly know-how and experience. The agreement includes the coordination and promotion of events and activities during the two shows, exchange of market information and Vinitaly attendance by official HKDC delegationa.
"As Partner Country, Italian wine producers will enjoy the opportunity to access the main Asian markets," said Giovanni Mantovani, General Director of VeronaFiere, "while in the past only the larger estates and major enterprises had the market capability of being present with their products in Hong Kong and China."
"Not only is wine appreciation growing among the population of Hong Kong, but the city is able to act as a key hub between producing countries, such as Italy, and continental China, which boasts a potentially enormous market," said Benjamin Chau, the Vice Executive Director of HKTDC who signed the agreement in Verona.
In recent years, wine imports to China have grown by 30% on an annual basis, and it is expected that, exluding Japan, China will absorb roughly 58% of all the wine imports to Asia.
After less than two years from the abolition of taxes on wine, Hong Kong imports grew by 80%, for a value of 412.5 million US dollars (calculate current value in other currencies). Export of Italian red wine to Hong Kong is expected to increase 36% over the next two years, while imports of Italian white wines is expected to increase 38% by the end of 2012. Rosé wine imports are expected to grow by 20% in the same period.
The signature of the agreement was attended by Giorgio Starace, diplomatic director of the Italian Ministry of Agriculture; Roberto Lovato of ICE; Walter Brunello, President of Buonitalia; Lamberto Vallarino Gancia, President of Federvini; and Andrea Sartori, President of UIV.
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