17 PORT DEVELOPMENT
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HONG KONG, the world's busiest container port, handled about 12.6 million 20-foot equivalent units (TEUs) in 1995. This represents an increase of some 14 per cent over 1994-
Handling that cargo added significantly to Hong Kong's economy. Studies by the Government's Census and Statistics Department and Planning Department have indicated that port-related industrial and commercial enterprises contributed some 20 per cent towards Hong Kong's GDP and provided employment for 350 000 of its workforce. Matching supply of port facilities with demand will, hence, ensure economic growth and optimise employment opportunities for the community.
The Port Cargo Forecasts published early in 1994 predicted that, by the year 2011, - there would be a demand for Hong Kong to handle 32 million TEUS a year. This will
mean handling one TEU every second, 24 hours a day, every day of the year.
To
cope with this demand the territory is planning a completely new container port on Lantau Island with twice the capacity of the present port at Kwai Chung. Building this new port, on a series of artificial islands stretching south-east from Lantau, will be one of the world's biggest civil engineering projects.
The new port is vital, not only for Hong Kong, but for southern China, one of the world's fastest-industrialising areas. Some 65 per cent of cargo passing through Hong Kong is entrepôt trade with China. Despite the upgrading of Chinese port facilities, Hong Kong is likely to remain the hub port for the region well into the next century.
To complete new terminals to cope with the demand, capacity equivalent to the annual total throughput of Britain's busiest container port will have to be added each year for the next 16 years. As has been the case with the existing container port, all the new terminals will be built and operated by private enterprise.
Hong Kong is the only major port in the world not run by a port authority. This is a system which has worked well to make Hong Kong not only one of the busiest, but also one of the most efficient ports in the world.
Port Development Board
Hong Kong was founded as a port for the China trade just over 150 years ago. Since then it has flourished, not only as a port, but as a centre of demand-led, free market economics. Its port has grown along with its own economy and that of China. A decade ago, it became apparent that growth would be greater than expected. The demand for future facilities would be on a scale requiring careful co-ordination so that the development would integrate into overall plans for developing the territory.