The Hong Kong Special Administrative Region (SAR) government signed the final contract documents with the Walt Disney Company on December 10 to provide for the opening of Hong Kong Disneyland in 2005.

The agreement to go ahead with the theme park project was first announced on November 2, 1999 by Chief Executive Tung Chee Hwa. It was endorsed by both the Executive Council and the Legislative Council later that month.

Financial Secretary Donald Tsang said at the signing ceremony that the agreement was a win-win deal.

"The theme park project will generate substantial tangible economic benefits for Hong Kong, including many thousands of new jobs. In addition, there will be significant intangible benefits," Tsang said.

"Disney has gained access to the world's freest economy in order to do business. What better place could there be?" he added.

Hong Kong Disneyland is seen as a key step by the government towards enhancing Hong Kong's attractiveness as a visitor and tourist destination.

"We need to continue to diversify and enrich our tourism products. Hong Kong Disneyland will be an important anchor for us to develop further the family travel market," said Mike Rowse, commissioner for tourism.

"We also hope that the theme park will serve to attract other interesting tourism developments in Hong Kong in the years to come, " he added.