Asia Cruise Fund to Develop the Asian Market

Asia Cruise Fund

Asia Cruise Fund

“Asia Cruise Fund” was announced at Cruise Shipping Miami by Philip Yung, Commissioner for Tourism of the Hong Kong Special Administrative Region (SAR) Government, Anthony Lau, Executive Director of the Hong Kong Tourism Board (HKTB), and Dr. Wayne Liu, Deputy Director-General of the Taiwan Tourism Bureau (TTB).

Initiated by the HKTB and the TTB, the regional co-operation fund underlines the commitment of Asian ports to jointly develop cruise tourism.

The fund, which will take effect on April 1st and run for three years, will be made up of contributions from participating ports and used to subsidize cruise companies to develop and market their cruise products.

A major requirement is that cruise lines must deploy vessels to at least two participating ports or territories in a single itinerary.

According to Hong Kong Tourism Board, Asia holds huge potential for the cruise industry. By 2030, around two-thirds of the world’s middle-class population will be based in Asia, according to a recent report by the United Nations Development Program.

This shift in population dynamics will present cruise companies with new opportunities, as the growing Asian middle class seeks out new ways to spend its leisure time.

In view of this trend, Asian ports have been working together to promote and develop the region’s cruise tourism and to encourage international cruise lines to explore the rapidly expanding market.

In the picture above: From left to right: Anthony Lau, Executive Director of Hong Kong Tourism Board; Wayne Hsi-Lin Liu, Deputy Director-General of the Taiwan Tourism Bureau; Philip Yung, Commissioner for Tourism of the Hong Kong Special Administrative Region Government; and Thomas Chang, Director, U.S., Taiwan Tourism Bureau toasts the launch of the Asia Cruise Fund at the 2014 Cruise Shipping Miami on March 11th, 2014.

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