The Hong Kong Special Administrative Region has much to offer in fostering business collaborations between the Middle East and China, with the “one country, two system” principle and its position in the Belt and Road Initiative.

Nicholas Ho Lik-chi, a member of a high-level Hong Kong delegation that will soon embark on a tour to the Middle East, made the remarks in an interview with China Daily on Tuesday.

Opportunities lie not only in the green economy, smart-city and professional services, stock market connectivity, and cultural events organization, but also broader collaboration prospects between Islamic economies in BRI regions and the Guangdong-Hong Kong-Macao Greater Bay Area, said Ho, a Hong Kong architect and co-convenor of the Belt and Road Working Group under the Hong Kong General Chamber of Commerce.

This year marks the 10th anniversary of the flagship Belt and Road Initiative, and the Middle East region is a significant part of the strategy. To reduce the reliance on oil and other fossil energy, the region has made great efforts to boost sustainable development in recent years, Ho said.

The Middle East is rich in capital and resources, and has high demand for professional services, high-end technology and related talents — exactly what Hong Kong prides itself on, Ho said. The city is quite mature in terms of designers and architects of green building; green finance; environmental, social and governance (ESG) enterprise operations; and net-zero technology and services, Ho said, adding that there is plenty of room for collaboration.

Ho said that Saudi Arabia and other Middle Eastern countries have prioritized 5G technology development. They are very interested in how to use 5G networks to support new technologies and new industries to develop within the region.

On a recent trip to Dubai, the largest city in the United Arab Emirates. Ho expressed Hong Kong enterprises’ desires to local trade and industry department on deepening collaboration in 5G, as well as Hong Kong developments and advantages in this area.

The officials said that Dubai has already started to build the factory network for its 5G network, and the city is interested in new technology in 5G software and hardware to facilitate city operation and medical treatment.

Ho described the Middle East as the gateway to the Islamic market, while Hong Kong is a portal to the GBA and BRI regions. Therefore, in the long run, there can be more facilitation and mechanism for Middle Eastern enterprises to explore opportunities in the two strategies via Hong Kong, he said.

The Middle East has a lot of rich families and big corporations looking to invest outside the region to diversify their investments. Hong Kong’s financial advantages in attracting family offices and the government’s latest initiative to consolidate the edge would be a good opportunity to foster collaboration in this area, he said.

He added that the Hong Kong Stock Exchange can also have deeper collaboration through its Connect program with the stock exchanges in Middle Eastern countries and even explore how the virtual digital assets regulation can become more collaborated and coordinated between the two regions.

The cultural sector is another breakthrough point. For example, Qatar just hosted the 2022 FIFA World Cup. Middle Eastern countries are actively seeking international collaboration to hold similar mega events, and it is also what Hong Kong is doing. The two sides can work together on sports, art and cultural events to create greater international influence, which will also boost the dialogue between the Chinese and Islamic cultures, Ho said.

Ho also encourages the city’s private organizations — not just its government — to engage in such collaboration more deeply, especially in serving the Hong Kong community’s needs in Middle East countries.

He concluded that the Middle East is a fast-growing market. Hong Kong has a very strong edge to enter the market, but the edge will not exist forever as the economies keep evolving over time. If Hong Kong doesn’t seize the chance, these opportunities will surely flow to somewhere else, he cautioned.

Contact the writers at bingcun@chinadailyhk.com