Hong Kong: Connecting the Middle East along the New Silk Road

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, wrapped up his Middle East visit (October 31) by meeting top officials in Saudi Arabia, witnessing the signing of various bilateral memoranda of understanding (MoUs) and delivering a keynote speech at the "Future Investment Initiative" (FII).

In his speech at the session titled "Where is the New Silk Road?", Mr Chan said Hong Kong has actively participated in and benefited from the Belt and Road Initiative, also known as the New Silk Road.

"Over the past decade, Hong Kong has played a vital role in its growth too. For instance, our external trade with Belt and Road economies has increased by around 60 per cent," Mr Chan said, adding that Hong Kong's strategic vision to become an international green tech and green finance centre can contribute to the achievement of this common aspiration in many ways.

"First, we can address the funding gap. Hong Kong, as one of the top three international financial centres, along with New York and London, and Asia's green finance leader, is well positioned to mobilise capital to support the green transition by matching quality projects with funding.

"Second, we can address the technology gap. Hong Kong is home to many green tech start-ups, all sharing the mission to develop technological solutions that combat climate change, which may well fit in the relevant strategies of economies in the MENA (Middle East and North Africa) region.

"Third, we can address the knowledge gap. That means linking up people, projects and knowledge. Hong Kong is a compact city, yet has solid experience in city planning and operations, and managing large-scale infrastructure projects."

While attending the FII, Mr Chan witnessed the signing of cooperation agreements between a number of Hong Kong organisations and enterprises with their counterparts in Saudi Arabia. These included an MoU between the Hong Kong Monetary Authority and the Saudi Arabia Public Investment Fund (PIF) to jointly establish a new investment fund of up to US$1 billion. This fund will invest in sectors such as manufacturing, renewables, fintech, and healthcare, promoting the development of enterprises from Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area in Saudi Arabia, while strengthening Hong Kong's position as an international financial centre.

Mr Chan also attended the listing ceremony of the SAB Invest Hang Seng Hong Kong Exchange Traded Fund at the Saudi Exchange. Developed in collaboration with Saudi Awwal Bank's subsidiary, SAB Invest, this product provides Middle East investors with opportunities to invest in Hong Kong's capital markets.

"The vision of a Green Silk Road presents a unique opportunity for us to collaborate on fostering sustainable, resilient, and inclusive development for future generations," Mr Chan said.
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