Voiceover: Financial Secretary Paul Chan continued on a visit to Saudi Arabia yesterday. He and his delegation participated in the ninth edition of the Future Investment Initiative . At a breakfast session, Mr Chan shared his views on the prospects for strengthening economic, trade and financial ties between Hong Kong and the Middle East. Financial Secretary Paul Chan: I think going forward, the demand for not just capital, but real business, industry-based supply chains, in this part of the world, is very substantial. And that creates opportunities for us as well. But we do believe this is a two-way street. Because at the same time, with the continuing opening up of the Mainland, and in particular, the business opportunities in the GBA (Greater Bay Area), I think many of the companies here would be interested to explore. And we would be doing partnership with them, and hand-hold them. Voiceover: Mr Chan and his delegation then visited the Saudi National Bank to meet its senior management. Mr Chan highlighted Hong Kong ‘s active role in supporting Hong Kong and Chinese Mainland enterprises to invest and establish operations in the region. In the afternoon, the delegation visited the headquarters of the Digital Cooperation Organization. Its Director-General expressed interest in facilitating greater exchanges between startups and innovative enterprises from its member states and Hong Kong. The delegation also visited The Garage, an innovation and technology incubation platform under the King Abdulaziz City for Science & Technology, to gain a deeper understanding of its operations and Saudi Arabia’s policies in nurturing startups. Afterwards, Mr Chan and the delegates visited Diriyah and the At-Turaif district, a UNESCO World Heritage Site, to learn about urban revitalisation initiatives there.
On a visit to Saudi Arabia, Financial Secretary Paul Chan, leading a delegation, participated in activities of the Future Investment Initiative, engaged in exchanges with local political and business leaders, visited local innovation and technology (I&T) institutions, and viewed urban planning and conservation projects.
In the morning, Mr Chan attended a breakfast session of the Future Investment Initiative and took part in a fireside chat to share his views on the prospects for strengthening economic, trade and financial ties between Hong Kong and the Middle East.
Mr Chan noted that against the backdrop of increasing global geopolitical and economic fragmentation, economic and financial links between China as well as other parts of Asia and the Middle East continue to deepen, and Hong Kong will further leverage its role to support Mainland enterprises in going global, expanding their industrial and supply chains, and tapping into overseas markets.
Hong Kong, while standing ready to offer capital and professional services to Middle Eastern businesses seeking to enter the Mainland and Asian markets, is well placed to promote cross-border capital flows as well as provide diversified infrastructure financing models, he stressed.
The finance chief added that Hong Kong is accelerating cross-border financial and I&T collaboration with the Middle East, with a number of startups and tech companies from Hong Kong and the Greater Bay Area establishing a presence in the Gulf.
Later in the day, the Financial Secretary and the delegation met Saudi National Bank’s senior management. The Hong Kong delegates introduced their respective businesses and conveyed interest in connecting with financial institutions, investors and enterprises in Saudi Arabia in order to explore business opportunities. In concluding remarks, Mr Chan highlighted Hong Kong’s active role in supporting investment and capital flows with Saudi Arabia.
The delegation called on the Digital Cooperation Organization in the afternoon. Its Director-General Hajar El Haddaoui expressed interest in facilitating greater exchanges between startups and innovative enterprises from its member states and the Hong Kong delegation.
The delegation also visited The Garage, an I&T incubation platform under the King Abdulaziz City for Science & Technology, to understand its operations and the local government’s policies in nurturing startups. Both sides discussed potential collaboration in areas such as incubation, talent exchanges and scientific research.
Afterwards, the Hong Kong group toured Diriyah and the At-Turaif district, a UNESCO World Heritage Site, to learn about urban revitalisation initiatives there.
In the evening, Mr Chan attended a welcome dinner hosted by the China Council for the Promotion of International Trade for Chinese and Saudi business communities.
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