Hong Kong Chief Executive John Lee Ka-chiu (fifth right) meets with Saudi Arabia’s Minister of Investment Khalid Al-Falih (fourth right) in Riyadh on Sunday. They were flanked by senior HKSAR and Saudi officials. (PHOTO PROVIDED TO CHINA DAILY)
Hong Kong Chief Executive John Lee Ka-chiu on Sunday painted an optimistic picture for deepening Middle East-Hong Kong collaboration, which he said can grow by leveraging the city’s strengths in various sectors.
His remarks came on the same day that the city launched negotiations with Saudi Arabia for investment protection and promotion agreements.
Lee also announced on Sunday the beginning of negotiations on an Investment Promotion and Protection Agreement, which will strengthen the economic and investment ties between Hong Kong and Saudi Arabia to achieve mutual economic benefits.
The negotiation will send “a positive signal” to the business communities of both places and help fortify investors’ confidence and expand bilateral investment flows, he said.
Three memorandums of understanding and two letters of intent were signed on Sunday as well.
Speaking at the same media briefing, Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council, said the Sino-Saudi relationship continues to grow stronger, providing a promising backdrop for Hong Kong, a gateway to the Chinese mainland, to create rich opportunities.
Lam said that the Hong Kong SAR, as a global financial hub, China’s international gateway and a commercial hub for the Belt and Road Initiative, can play a role in facilitating development strategies for different countries around the world.
Saudi Arabian Minister of Investment Khalid al-Falih officiated at the Kingdom of Saudi Arabia-Hong Kong Investment Forum and Chinese New Year Gala Dinner, which followed the media briefing on Sunday.
Lee, who’s leading a star-studded HKSAR government and business delegation, arrived in the Saudi capital, Riyadh, early Sunday morning, kicking off his first overseas tour this year. Saudi Arabia is the first stop of a global publicity campaign by the SAR to seek post-pandemic development in the city following the full resumption of connectivity with the Chinese mainland and overseas countries and regions since January.
Lee, with his team of high-ranking officials and more than 30 senior representatives from various business and professional sectors, met with officials of the Saudi Ministry of Investment on Sunday morning.
The Hong Kong delegation later visited an exhibition featuring the futuristic city of Neom — a mega smart-city project being built north of the Red Sea in northwestern Saudi Arabia. The city is one of the bold projects under Saudi Vision 2030 to explore sustainable, greener living. Several Chinese enterprises are also involved in the project.
Hong Kong’s role to leverage the Saudi Vision 2030 blueprint was also a major focal point at a media briefing on Sunday evening. Lee, together with four key business leaders, discussed Hong Kong’s development and strengths in trade, investment, technology and sustainable development with more than 10 representatives of the Saudi media, as well as other media personnel from the HKSAR and the Chinese mainland.
The four SAR business leaders present were Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council; Betty Yuen So Siu-mai, chairperson of the Hong Kong General Chamber of Commerce; Darryl Chan Wai-man, deputy chief executive of the Hong Kong Monetary Authority; and Simon Chan Sai-ming, chairman of Hong Kong Cyberport Management Co.
Following the briefing, the delegation attended the Saudi Arabia-Hong Kong Investment Forum and a gala dinner to mark Lunar New Year.
The SAR delegation is expected to meet with high-ranking Saudi government officials and business leaders, tour local enterprises, and attend forums and exchange activities on Hong Kong’s latest developments and the city’s investment and business opportunities during the visit.
As successful economies, Saudi Arabia and the United Arab Emirates were picked for Lee’s first overseas tour after Hong Kong resumed normal travel with the Chinese mainland early last month in view of the two countries’ visions and blueprints in finance, innovation and technology and infrastructure and logistics.
Lee said Hong Kong’s strengths are in line with the two nations’ development visions and demands, adding that the SAR can widen its collaboration with countries in the Middle East.
In particular, Lee is expected to introduce the SAR’s strengths as a global center for finance, trade and logistics, assets management and risk management, as well as the city’s rich pool of professional talents, such as in project management, architectural design, engineering and supply chain.
Hong Kong is also striving to be an international innovation and technology hub, and a hub for the arts and cultural exchanges between the Chinese mainland and the world, unleashing unlimited potential and opportunities for collaboration on all fronts with Middle Eastern economies, Lee said.
President Xi Jinping’s visit to Saudi Arabia in December has laid a good foundation for the Hong Kong delegation’s tour to promote the city and deepen Middle Eastern countries’ understanding of the SAR’s strengths.
Xi’s trip has helped to deepen Saudi Arabia’s and the UAE’s understanding of Hong Kong’s strengths, especially the city’s role as the gateway to the Chinese mainland market, which is appealing and draws worldwide attention, Lee said.
He said he’ll actively promote Hong Kong’s unique advantages of the central government’s strong support, and being closely connected to the world. “I believe that Saudi Arabian and UAE enterprises will actively consider going to Hong Kong for investment.”
The Middle East is a key link for the Belt and Road Initiative, which has entered its 10th year, and the Hong Kong delegation’s visit is part of the city’s efforts to help promote the initiative.
Lee will wrap up his tour on Feb 11.
