Hong Kong budget makes third runway a priority
The development of a third runway at Hong Kong International Airport has a large part in the Hong Kong government’s 2014-2015 budget, according to a statement released by the country’s chief executive after the unveiling of the budget on Wednesday.
The project will, among other things, increase HKIA’s cargo capacity. Cathay Pacific recently celebrated the grand opening of a new cargo terminal at the airport.
According to the budget, which was presented to Hong Kong’s legislative council Wednesday by Financial Secretary John Tsang, the government is “assisting the Airport Authority Hong Kong to press ahead with planning for a three-runway system.” The project is estimated to cost more than $100 billion.
“The AA is conducting the environmental impact assessment with a view to securing approval this year in order to take forward the project as soon as possible for commissioning in 2023,” according to the budget. “The AA is preparing the detailed project cost, formulating budgets and examining viable financing options, which include increasing recurrent revenue, issuing bonds and keeping its operating surplus as reserves. Government will support the financing of the project.”
Chief Executive C Y Leung expressed his support for the third runway in a statement.
“I agree with the financial secretary that Hong Kong must improve the efficiency in the flow of people, goods, capital and information, and enhance the quality of our living environment and our position as an international hub,” he said. “We will continue to increase investment in infrastructure, sharpen Hong Kong's competitive edge and create a better living environment for our people.”
John Slosar, chief executive of Cathay Pacific, said he’s looking forward to the environmental impact assessment of the third runway and the release of additional funding details.
“We also welcome the emphasis given to the promotion of high value-added logistics services to maintain Hong Kong as the world’s leading international cargo hub,” he said.
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