INFRASTRUCTURE PROJECTS
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terminal will help maintain Hong Kong's role as the premier port for southern China well into the 21st century.
To ensure that the port facilities in Hong Kong meet the needs and there is timely provision of sufficient port facilities to handle Hong Kong port's cargo growth following China's accession to the World Trade Organisation and the fast-growing port development in the Pearl River Delta, the Port Development Strategy Review (PDSR) was updated to review the supply of port-related infrastructure for Hong Kong.
The latest PDSR was updated in the light of the findings of other studies, including the Port Cargo Forecasts, a study on port back-up facilities and land requirements and a study on the potential of Hong Kong as a replenishment port.
Hong Kong Port and Maritime Board
The Hong Kong Port and Maritime Board is a non-statutory body made up of members appointed by the Chief Executive. Formerly known as the Port Development Board, it was restructured and renamed in June 1998 to take on the additional task of promoting the Hong Kong shipping industry and Hong Kong as an international shipping centre.
Hong Kong is one of the few major international ports in the world where port facilities are fully privately owned and operated. The board provides the forum for the Government and private sectors to work together to maintain Hong Kong's status as a world-class port, an international maritime centre and a preferred logistics hub.
The Port Development Committee of the board recommends strategies for planning new port facilities. It also conducts port cargo forecasts and assesses port development needs in the light of changing demand, port capacity, productivity, performance and competition both locally and regionally.
Hong Kong has a successful shipping industry with many well known and experienced shipowners, ship management companies and shipping-related companies. The Shipping Committee of the board formulates measures to promote synergy between the port, shipping and shipping-related industries, and to facilitate the operation of shipping industry in Hong Kong.
To make the Hong Kong Shipping Register more competitive, new measures have been introduced since 1999. These improvements include reduced fees, streamlined ship registration procedures and a simplified but still rigorous survey cycle that would lower costs while maintaining Hong Kong's reputation as a quality register. More shipowners have now registered their ships in Hong Kong, and the total tonnage of the Hong Kong Shipping Register reached 13.7 million tonnes at the end of 2001, an increase of 32 per cent over 2000.
To enhance the competitiveness of the shipping industry in Hong Kong, agreements for the avoidance of double taxation in respect of shipping income were signed with the United Kingdom and the Netherlands in 2000, and entered into force in May and November 2001, respectively. Together with similar arrangements with the United States and the Mainland as well as the confirmed provisions of reciprocal tax exemption with the tax authorities of New Zealand and the Republic of Korea, Hong Kong shipowners are exempt from tax on their international shipping income in five countries and the Mainland.