The Hong Kong government is planning to hold talks with Disney on further expanding Hong Kong Disneyland in a bid to boost tourism in the area and propel economic growth.

In his budget speech, Hong Kong’s financial secretary, John Tsang, said the government would discuss with Disney the Phase 2 development of the Hong Kong Disneyland. This phase will cover an estimated 60 hectares (148 acres), similar to that of the first phase development, with attractions, hotel development and retail facilities.

The Hong Kong government owns 52 per cent of the theme park – the remainder owned by Disney – which opened in 2005 and has since been a key part of the sovereign state’s tourism offerings. Since its launch, the park has welcomed more than 50 million guests.

According to statistics from the Hong Kong Tourism Board, visitors to Hong Kong exceeded 60 million in 2014, representing an increase of 12 per cent over 2013. Total visitor spending rose 9 per cent to more than HKD350bn (US$45.1bn, €40.3bn, £29.4bn).

Along with the proposed Disneyland expansion, already underway at the park is the development of a new Iron Man-themed zone, estimated to open in 2016.