Hong Kong can capture a share of the global yacht industry, which is expected to reach HK$350 billion (US$44.6 billion) in six years, a senior official has said as the city launched the Southbound Yacht Travel Scheme, with the transport minister announcing new measures to attract overseas captains.
The scheme is part of the government’s broader plan to develop Hong Kong’s yacht economy, as outlined in the city’s first five-year plan and the latest policy address.
Under the scheme, mainland Chinese vessels can register through the Marine Department’s Electronic Business System to sail in Hong Kong waters.
Speaking at the launch ceremony, Deputy Financial Secretary Michael Wong Wai-lun said the global yacht market was expected to reach HK$350 billion by 2032 and that Hong Kong was capable of obtaining a slice of the market.