The recent news of significant progress in US-China trade negotiations in Geneva has understandably been met with cautious optimism. After years of escalating tariffs and strained trade relations, the possibility of the world’s two largest economies finding common ground is undoubtedly a welcome development. 

However, as encouraging as these discussions may be, the future of the Hong Kong Special Administrative Region should not solely hinge on the outcome of these bilateral talks. Instead, it must proactively diversify its international partnerships and explore new frontiers.

Indeed, the trade war between the United States and China has underscored a crucial lesson: overreliance on a few traditional markets can expose economies to unnecessary risk and volatility. Regardless of whether the current negotiations lead to a lasting detente or merely a temporary reprieve, the HKSAR must seize the moment to broaden its international economic footprint.

Recognizing this urgency, Hong Kong Chief Executive John Lee Ka-chiu has embarked on a forward-looking mission to the Middle East, aiming to strengthen Hong Kong’s ties with Qatar and Kuwait. This high-profile visit is not merely ceremonial but carries substantial weight in terms of economic diplomacy. It marks Lee’s second official visit to the Middle East, following his successful trip to Saudi Arabia and the United Arab Emirates in 2023.

Notably, Lee’s delegation this time includes representatives from both the HKSAR and the Chinese mainland, with over 30 Hong Kong business leaders from sectors such as finance, trade, innovation and professional services, and more than 20 entrepreneurs from the mainland provinces of Zhejiang, Fujian, and Guangdong. This integration of Hong Kong and mainland businesses highlights the city’s unique role as an international hub, bridging the mainland and global markets.

The decision to engage with the Middle East is both strategic and timely. Nations such as Qatar, Kuwait, Saudi Arabia, and the United Arab Emirates are rapidly diversifying their economies away from oil dependency, investing heavily in finance, infrastructure, renewable energy, and technological innovation. These sectors align closely with Hong Kong’s core competencies, making the region a natural partner for deeper economic collaboration.

Hong Kong Legislative Council member Jeffrey Lam Kin-fung, who is part of Lee’s delegation, rightly pointed out that investors around the world are increasingly cautious about placing all their eggs in one basket, particularly amid geopolitical tensions. This has created a golden opportunity for the HKSAR and Middle Eastern countries to forge new economic alliances. Lam emphasized the potential in financial cooperation, noting that Hong Kong’s mature and robust financial infrastructure can complement the Middle East’s ambitious development plans.

Moreover, Lam highlighted the potential for cooperation in the renewable energy sector, particularly solar energy. Given the Middle East’s abundant sunshine, collaborative efforts in technological innovation could significantly advance renewable energy solutions that benefit both regions. This shared interest in sustainable economic development can form the basis of a long-term strategic partnership between Hong Kong and Middle Eastern economies.

This proactive outreach was reinforced by Hong Kong Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui’s earlier visit to the UAE and Saudi Arabia. This visit underlined the HKSAR government’s consistent commitment to fostering deeper ties with the Middle East. Such high-level and sustained engagement signals to Middle Eastern investors that Hong Kong is a serious and reliable partner, thus enhancing investor confidence and paving the way for substantial mutual investments.

Moreover, Lee’s visit to Qatar, where he met with Emir Tamim bin Hamad Al Thani, demonstrated Hong Kong’s commitment at the highest level to enhancing bilateral relations and attracting Middle Eastern corporations and capital to establish operations in Hong Kong. These efforts are essential to solidifying Hong Kong’s role as a key financial and logistics gateway between Asia and the Middle East.

It is clear that though the US-China trade talks may prove fruitful, the lessons of recent years should inform Hong Kong’s long-term economic strategy. Diversification of trade and investment partners is no longer optional but a critical necessity for sustainable economic growth and resilience. By actively seeking partnerships beyond traditional markets, particularly in dynamic regions such as the Middle East, Hong Kong can mitigate geopolitical risks, open new markets, and solidify its global economic standing.

In conclusion, while we are pleased that the US-China trade negotiations have yielded positive results, we must not become complacent. Hong Kong’s economic future demands proactive and strategic diversification. The chief executive’s visit to the Middle East, supported by previous initiatives such as Law’s UAE and Saudi Arabia trip, underscores a well-considered strategy to position Hong Kong as a global city with far-reaching and diversified international partnerships. Let us seize this moment to build a more robust, diversified, and prosperous future for Hong Kong.

The author is the convener at China Retold, a member of the Legislative Council, and a member of the Central Committee of the New People’s Party.

The views do not necessarily reflect those of China Daily.