Airlines based in Hong Kong are working hard to expand their businesses through different partnerships, with the Middle East and ASEAN markets poised to be key growth drivers for Hong Kong’s aviation industry, Acting Financial Secretary Michael Wong Wai-lun said.

“Hong Kong’s aviation industry has experienced a strong recovery in terms of passenger volume and cargo-handling volume after the challenges of the COVID-19 pandemic,” Wong said during a ceremony hosted by Cathay Pacific Airways to celebrate the airline’s order of new Airbus aircraft on Tuesday.

Wong highlighted the timely importance of the three-runway system of Hong Kong International Airport, which is expected to begin operations in November. “The three runway system will facilitate the airport’s (annual) passenger volume and cargo-handling capacity to 120 million passengers and 10 million metric tons of cargo respectively.”

Cathay Pacific, Hong Kong’s flagship carrier, has committed more than HK$100 billion ($12.9 billion) worth of investment over the seven years following the initiation of the three-runway system.

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The investment will primarily focus on its fleet, with plans to buy up to 150 new-generation Airbus aircraft. “This is a testimony to our confidence in Hong Kong and the future of Hong Kong as an international aviation hub,” Ronald Lam Siu-por, CEO of Cathay Pacific Airways, said at the ceremony.

From 2026, the carrier will start taking delivery of narrow-body passenger aircraft, such as the A321neo and the A320neo, for both Cathay Pacific and its Hong Kong Express fleets.

The year 2027 will see the addition of Airbus A350F freighter aircraft to expand its cargo operations; and from 2028, it will take delivery of the new-generation A330 aircraft.

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“Apart from fleet investment, our investment also includes product investment such as the new ARIA suite, a new premium economy cabin and the new first-class flagship product. Next year, the airline will launch new lounges in Beijing and New York airports. By 2026, the lounges in Hong Kong airport will finish refurbishment,” Lam added.

Lam also said that the Cathay Group will continue to expand its route network. “We project by 2025, we will hit 100 passenger destinations between Cathay Pacific and Hong Kong Express.”

Cathay Pacific’s share price rose 0.63 percent to close at HK$7.97 on Tuesday.

“As a world-class airline, (Cathay Pacific’s) endorsement of our products is extremely important to our company. Our two companies share a lot of values: the value of integrity, the value of constant quest for quality and technical excellence, and the value of unwavering dedication to customers,” said Christian Scherer, CEO of Airbus’ commercial aircraft business.