City sets sights on Riyadh

2023-02-08 10:34:17 · HKTDC

In a fast-changing world the Middle East has become an economic hot-spot with many fast-growing economies which are rapidly diversifying beyond their traditional reliance on energy exports.

Hong Kong is adapting to these changes by reaching out to leading Middle Eastern economies, with the city’s Chief Executive Mr John Lee leading a delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR) and principal government officials. The delegation’s first stop was Riyadh, where they explored collaboration opportunities with the business community of Saudi Arabia.

The Chief Executive, Mr John Lee (fourth right), together with the Deputy Secretary for Justice, Mr Cheung Kwok-kwan (third right); the Secretary for Financial Services and the Treasury, Mr Christopher Hui (second right); the Secretary for Commerce and Economic Development, Mr Algernon Yau (first right); the Chairman of the Hong Kong Trade Development Council, Dr Peter Lam (fourth left); Deputy Chief Executive of the Hong Kong Monetary Authority, Mr Darryl Chan (third left); the Chairman of the Hong Kong General Chamber of Commerce, Ms Betty Yuen (second left) and the Chairman of Hong Kong Science & Technology Parks Corporation, Dr Sunny Chai (first left) meet the media in Riyadh, Saudi Arabia, on Sunday.

Over the past two days, the delegation discussed with Saudi government and industry leaders how Hong Kong can facilitate the Kingdom’s strategic development via its role as a global financial hub and China’s international gateway.

Riyadh was the first of three stops on this week-long mission to the Middle East, organised by the Hong Kong Trade

Development Council (HKTDC).

The 30-strong delegation includes senior executives from Hong Kong’s financial institutions and regulator as well as major players in innovation and technology (I&T), sustainability and smart city solutions.

At a press conference followed by an investment forum and dinner officiated by the Saudi Minister of Investment HE Khalid Al-Falih and attended by some 300 Saudi Arabian guests on Sunday, Chief Executive Mr John Lee, said: “Saudi Arabia is a strong economy of the Gulf region and a growing source of foreign direct investment. Driven by Vision 2030, the dynamic blueprint for the future, Saudi Arabia is destined to take its place as an economic powerhouse built on diversity, sustainability, and innovation and technology. Hong Kong has long been the Asia-Pacific region’s multi-level bridge for foreign and Mainland Chinese businesses and investors. As our integration with the Mainland continues to deepen, so, too, do the opportunities for Hong Kong – and the economies and companies that work with Hong Kong.”

Mr Lee was joined by three officials: Deputy Secretary of Justice Mr Horace Cheung, Secretary for Financial Services and Treasury Mr Christopher Hui and Secretary for Commerce and Economic Development Mr Algernon Yau.

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