Transport and Logistics
75. We will continue to promote the development of transportation and logistics services, and harness the opportunities brought about by the Belt and Road Initiative and the development of the Greater Bay Area, so as to consolidate Hong Kong's position as an international and regional aviation, maritime and logistics hub.
Air Cargo Sector
76. The Airport Authority Hong Kong (AA) estimates that upon the full commissioning of the Three-Runway System in end-2024, the Hong Kong International Airport (HKIA) will boost its annual passenger and cargo handling capacities to around 100 million and about nine million tonnes respectively, thus meeting the air traffic demand at least up to 2030. Meanwhile, the AA is expanding the express air cargo terminal, developing a premium logistics centre and strengthening the airport's capability in handling high-value temperature-controlled cargoes in an effort to reinforce our leading position in air freight logistics.
77. To foster cross-border logistics and trading activities and grasp business opportunities in electronic commerce, I set aside $5 billion last year for the redevelopment of the Air Mail Centre at the HKIA. Hongkong Post has completed the preparatory work and plans to submit a funding application to LegCo within this year, with a view to commencing the works as soon as possible.
Maritime Sector
78. The Government will continue to assist the port industry in enhancing its operational efficiency, and strive to develop high value-added maritime services by leveraging our strengths in professional services. The Government will amend the relevant legislation to provide tax concessions for the ship leasing business, including offering a profits tax exemption to qualifying ship lessors and a half-rate profits tax concession to qualifying ship leasing managers. Besides, profits tax will be halved for eligible insurance businesses including marine insurance. The Government will also explore other tax measures to attract more global shipping business operators and commercial principals to set up business in Hong Kong.
Enhancing Operational Efficiency of the Logistics Sector
79. To encourage the logistics industry to enhance productivity through technology application, the Government will introduce a pilot subsidy scheme this year with an injection of $345 million. Each eligible third party logistics service provider will receive subsidies to implement up to four projects, subject to a cumulative subsidy ceiling of $1 million. The scheme is expected to benefit about 300 companies.
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