Hong Kong’s Belt and Road Office (BRO) signed a memorandum of understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) on Friday, aiming to enhance information exchange in infrastructure and construction, and to facilitate the entry of Hong Kong professional services into the Saudi market.

Witnessed by Hong Kong Chief Executive John Lee Ka-chiu and Saudi Minister of Investment Khalid Al-Falih, the agreement was signed by Hong Kong Commissioner for Belt and Road Nicholas Ho Lik-chi and MISA Assistant Deputy for Services Sectors Fahad M Alhashem.

Lee described the agreement as a significant milestone in collaboration between the two sides under the Belt and Road Initiative (BRI), saying that it is the first agreement between Hong Kong and an overseas economy focusing on infrastructure and construction.

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He emphasized Hong Kong’s strategic advantages in supporting Saudi Arabia’s Vision 2030, which aims to develop extensive infrastructure projects to diversify the country’s economy away from oil and improve the quality of life. As a leading international hub for finance, shipping and trade, as well as a fast-rising international innovation and technology center, Hong Kong is well-positioned to contribute to the ambition, Lee said.

Under the agreement, the Belt and Road Office will share information on Hong Kong’s professional services with MISA to support investment promotion, tendering and fundraising activities.

MISA, in turn, will provide information on infrastructure and construction projects, and help Hong Kong companies overcome potential challenges when entering the Saudi market.

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Meanwhile, Hong Kong and Saudi Arabia are negotiating an Investment Promotion and Protection Agreement to protect, enhance and open investment flows between the two economies.

Contact the writer at tongsijiu@chinadailyhk.com