The International Telecommunications Union (ITU) wants increased public funding and firm financial commitments from corporate sponsors if Hong Kong is to trump Geneva to host the 2006 Telecom Word trade show - the most prestigious event on the industry's international calendar.
Local officials and ITU executives are set for tough talks after last week's decision by the United Nations-backed body to choose Hong Kong as its preferred venue for the quadrennial telecommunications show, pending both sides agreeing on financial terms.
In December last year, Secretary for Commerce, Industry and Technology John Tsang Chun-wah presented legislators with a proposed $70 million bill for hosting the event, a figure that could escalate should the ITU be successful in securing a better deal.
'The Finance Committee of the Legislative Council has approved in principle this [Telecom World] expenditure,' said a spokesman for the bureau's commerce and technology branch.
'The actual financial commitment will be decided after our final negotiations with the ITU, which will take place shortly.
'We will also seek large corporate sponsors to reduce the total expenditure.'
The ITU Telecom Board, an advisory body within the agency, described Hong Kong's earlier financial package as 'not sufficiently attractive'. Last week, it said ITU secretary-general Yoshio Utsumi would lead the negotiations, aiming for 'the most favourable terms and conditions'.
