Cathay Pacific Welcomes Government Budget Strategy

Cathay Pacific Chief Executive John Slosar today welcomed the prudent steps taken by the HKSAR Government's Financial Secretary, Mr John Tsang, against the backdrop of an uncertain international economic situation.

"With Hong Kong's externally vulnerable economy, Mr Tsang is right to adopt measures that can mitigate any impact from the very volatile global economic conditions currently prevailing," Mr Slosar said.

He also welcomed the Financial Secretary's assurance of the government intention to seek an early decision on the Hong Kong Airport Authority's recommendation for the construction of a third runway at Hong Kong International Airport (HKIA).

"I absolutely agree with Mr Tsang that the future development of the airport and the overall economic development of Hong Kong are inextricably intertwined. We strongly believe this can be best achieved with a third runway to meet future growth and the need to maintain HKIA as Asia's premier aviation hub."

"We will warmly welcome a decision to proceed with the next stage of work, including an environmental impact assessment and preparing the associated detailed design and financing proposals. Given the importance of this project to the long term well-being and sustainability of the Hong Kong economy, we believe this is a decision that should be given the highest priority by the government."

Mr Slosar added that the provision of more hotel rooms and more international school places are forward-looking investment that would bring immense benefit as Hong Kong continues to attract business, visitors, investment, and talents from all over the world.

"As Hong Kong's home carrier, Cathay Pacific is committed to enhancing the status of Hong Kong as a leading international aviation hub and the premier gateway into Mainland China for both passenger and cargo services.

"This is why, despite the economic uncertainties, we are making a huge investment in acquiring 97 new aircraft at a listed price of HK$190 billion and building a new air cargo terminal that will become operational next year at HK$5.7 billion," said Mr Slosar.