SHANGHAI - Cathay Pacific announced a new plan for its expansion in the next few years in Shanghai on Thursday.

The airline's Chief Executive John Slosar said the development plan involves new products, destinations and a fleet upgrade that will see 95 fuel-efficient aircrafts with a list price of 200 billion Hong Kong dollars ($25.7 billon).

New aircraft will be added to its fleet before the end of the decade, Slosar said.

He said the airline will build a new cargo terminal at Hong Kong International Airport at a cost of HK$5.5 billion.

"We are delighted and proud to be investing in Hong Kong and the local community and we think every dollar will be worthwhile and bring its own rewards,'' Slosar said.

"Hong Kong is about connectivity and the sustainability of the Hong Kong economy and, therefore, the long-term prosperity and wellbeing of Hong Kong people is dependent on us continuing to provide and grow those linkages for the future,'' he said.

Among the new product developments at the airline, Slosar highlighted the plan to introduce a Premium Economy Class product on Cathay Pacific's long and medium-haul fleets beginning the second quarter of next year.

"I can promise that this will be an outstanding product, with seats more like regional Business Class seats and upgraded meal and cabin services that I believe will convince our passengers that they are getting real value for the extra money it will cost them to fly the new class,'' he said.

Meanwhile, the airline will push ahead with its marketing campaign that puts its staff ”front and center'' across the world to echo its new development plan.

"Our staff and flight crew really are the heart and soul of Cathay Pacific. They provide a level of friendly, helpful and sincere service unmatched by any other airline,'' he said.