The message was loud and clear at the Destination Britain & Ireland event in Hong Kong this week – there’s never been a better time to visit Britain than now.

With air fares down by 40-50%, the value of the pound at an all-time low and hotel rates a fraction of what they used to be, Christopher Rodrigues, chairman of Visit Britain, estimates that it probably costs 40-50% less now to visit the British isles.

“This is unprecedented,” he said during the panel debate, which I moderated on Monday night in Hong Kong.

The launch of low cost flights from Malaysia by AirAsiaX and competitive fares by carriers from nearly every major Asian destination have brought Britain even closer to the Asian consumer.

In fact, the panelists gathered for the debate believed that fares such as those announced by Lufthansa last week from Singapore – S$889 (including taxes) and the airline telling its customers to fly to London for the weekend – have blurred the line between long haul and short haul.

Azran Osman Rani, CEO of AirAsiaX, said that it was all about price these days and cheaper air fares had made it possible for Malaysians to travel to London for the weekend. In fact, he did that just recently. He flew to London on a Friday, took in a Metallica concert the day after – “awesome” – and returned to Kuala Lumpur on Sunday.

Price, he believes, can get people to travel to somewhere they had not even considered before. “And if you give them reasons like events and concerts, then they will buy,” he said.

And concerts, there are plenty of in London, he said, adding that he was open to ideas of working together with tour operators who may wish to package an AirAsia flight with a concert like, say, Michael Jackson (if you can still get tickets).

His flights to London are running about 70% full. The mix is about 40% Malaysians, 20% British and the rest Europeans and Australians connecting through Kuala Lumpur on the Kangaroo route.

The new affordability of Britain to Asian travellers is what is prompting Visit Britain and Tourism Ireland to invest more in the region. The 15 markets in the Asia Pacific, Middle East and Africa (APMEA) region account for three million visits and £2.4 billion tourism revenues and while that is a small fraction of the total £114 billion tourism industry, it represents the fastest growing market.

Tourism Ireland, which is for the first time supporting the Destination Britain event, hence the addition of Ireland to the event’s name, is creating a Middle East & Asia position and has appointed Michael McCormick to head the division. McCormick, who used to work with Visit Britain in Singapore and Sydney, will be based in Dubai.

Paul O’ Toole, CEO of Tourism Ireland, said he hoped the new division would increase tourism revenues from Asian markets to 500 million Euros from the 300 million at present. Ireland, he said, would always be a niche destination and complemented Britain beautifully.

Asked if AirAsiaX would consider flying to Dublin, Azran said, “Two words. U2.”

Azran said that while big markets like China and India would always command the attention of tourism boards, they should also not forget South-east Asia which has a market of 600 million people.

John Northen, vice president-South east Asia, Marriott International agreed, saying that in the current downturn, the ASEAN region was proving to be its own best customers. “There is no doubt that people are traveling more shorthaul and taking domestic holidays currently but the market represents huge potential for travel demand.”

Martin Symes, CEO of travel search engine Wego, pointed out one challenge – with more low cost flights in the region, people were taking several short breaks versus one or two extended holidays.

He also said that he wasn’t sure how long attractive air fares to longhaul destinations would last. “Airlines are taking capacity out of the system like never before and I don’t know how sustainable these air fares are,” he said.

Which prompted Rodrigues to quickly say “that’s why we say it’s never been a better time than now to visit Britain”.

When asked what stage of the economic meltdown we were at, Rodrigues, who was president and chief executive of Visa International and deputy chairman of Provident Financial before joining Visit Britain, said, “Somewhere in the middle”, adding he believed we would see recovery at the beginning of next year.

“The industry has seen several crises and we shall get through this one. This is the time for activity, to be heard,” he said.

In media reports, he has estimated that tourism earnings this year would fall by £4 billion, costing between 30,000 and 50,000 of 2.6 million jobs.

Britain meanwhile is focused sharply on the journey towards 2012 when London will host the Olympic and Paralympic Games. Rodrigues undertook a review when he stepped into office and his chief priority is to get the government to recognise the importance of tourism to the economy and give it its fair weight in funding.

Asked how London would top the opening ceremony of the Beijing Olympics, he said, “Wrong question. The idea is not to top it, but to do it differently.”

He promised a Games that would “show off the best of what Britain can offer”.

It is estimated that gross visitor spend generated by the London Games will be £2.35 billion over the period 2007-17, of which £1.85 billion will be spent in London.