Third runway for HK passes first hurdle

Hong Kong’s government has given a crucial ‘in principal’ green light for the plan to build an HK$86.2 billion (US$11 billion) third runway at the world’s busiest cargo and Asia’s third busiest passenger airport. The airport’s two existing runways are forecast to reach capacity by 2020.

Cathay Pacific Airways

Hactl managing director, Mark Whitehead said: “The global airfreight market, and the market in this region in particular, is expected to grow in leaps and bounds in the next two decades.

HKIA needs to grow to meet the increases in volumes, otherwise its status as the world’s No. 1 air cargo hub will be under threat.”
Cathay Pacific Airways also lauded the decision with the carrier’s chief executive John Slosar saying: “We firmly believe the third runway is of critical importance to the sustainability of the Hong Kong economy and, therefore, to the long-term prosperity and well-being of Hong Kong’s people. Connectivity with the rest of the world has made Hong Kong what it is today so we must be clear on how we can maintain and grow these links to our future.

“A third runway is the only viable option to ensure the long-term
competitiveness of Hong Kong as an important international financial centre, trading and logistics hub, tourism destination and professional services capital.”

Slosar went on to highlight that the carrier is currently making
significant investments to underscore its commitment to its home hub in Hong Kong, including more than 90 new aircraft on order for delivery up to the end of the decade with a list price of some HK$190 billion (US$24.5 billion), a HK$5.7 billion cargo terminal
that is scheduled to open in early 2013 and more than HK$3 billion on new products in the air and on the ground.