Hong Kong's Airport Authority (AA) has revealed plans to establish a civil aviation academy to develop local and regional talent.

The initiative was announced this week, following the 2016 Policy Address by Hong Kong's chief executive, CY Leung, which highlighted the importance of developing the city as a global aviation hub.

"The aviation industry is an important economic contributor to Hong Kong," said AA chairman Jack So Chak-kwong. "It is estimated that after the three-runway system is completed, it will provide 123,000 direct jobs associated with Hong Kong International Airport (HKIA)."

"Setting up a civil aviation academy in time will help us develop the talent reserves the airport needs in order to meet its massive future traffic demands. This is key to ensuring that it has staff with professional training and experience, and that it continues to perform as the world's best airport," he added.

Currently there are approximately 73,000 employees working at HKIA. According to the initial plan, the civil aviation academy will train new operational management staff, technical staff and service staff to meet the airport's immediate demands, as well as in the medium- and long-terms.

The AA said it would develop the training courses and curricula for the new civil aviation academy within a year.

In 2015, HKIA handled a record 68.5 million passengers and 406,000 aircraft movements, and the AA estimates that the airport will reach capacity before the end of 2016. In response, HK$40 billion (US$5.2 billion) is being invested over the next eight years to expand HKIA's facilities so the airport can meet its traffic demands before the completion of the third runway.

Late last month HKIA opened its new HK$10 billion Midfield Concourse, which is intended to meet the airport's medium-term capacity needs.