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A framework agreement between the Hong Kong Tourism Board and Beijing Municipal Tourism Bureau was signed Hong Kong on Thursday which will result in them working together to attract tourists from major markets to watch 2008 Olympic events in both locations. 

The framework agreement was one of the achievements of the second Plenary Session of the Hong Kong-Beijing Economic and Trade Cooperation Conference. The event was jointly chaired by Hong Kong Special Administrative Region Chief Executive, Donald Tsang and Beijing Municipal Mayor, Wang Qishan.

Hong Kong and Beijing agreed to support one another in launching a tourism promotional package targeting the 2008 Olympics during the preparatory period for the Games between 2006 and 2008.

Selina Chow, chairwoman of the Hong Kong Tourism Board, said she hoped the Olympic equestrian events being held in Hong Kong would help attract many tourists who could travel to Beijing to watch other events. "We take the huge market potential and business opportunities brought by the Olympics seriously," Chow said.

The two cities also agreed to enhance cooperation in areas of financial services, innovation, technology, the creative and cultural industries along with the further implementation of the Hong Kong/Mainland Closer Economic Partnership Arrangement. 

The 2008 Olympics have already created business opportunities for both cities in various Olympic-related services including legal, financial, construction design and consultancy. .

Analysts believe the event will also bring business opportunities to Hong Kong enterprises in Olympic-related logistics, food and beverages, retailing, souvenir sales and tourism.

Beijing hopes to introduce about US$690 million of investment from Hong Kong investors into five tourism projects related to the 2008 Olympics.

At present 10 Hong Kong enterprises have participated in the programs to make  products and provide retail services as Hong Kong and Beijing promise to further promote information exchange on Olympic-related business opportunities.

(Xinhua News Agency November 17, 2006)