PHOTO
Hong Kong will sign 36 business-to-business agreements covering finance, technology, logistics, professional services, and education during the two-day Belt and Road Summit, Chief Executive John Lee said on Wednesday.
“Thanks to projects and deals closed in recent days, their total value is now close to 1 billion US dollars,” Lee said during his keynote speech at the event, which celebrates its 10th anniversary this year.
Additionally, nine government-level cooperation agreements with Belt and Road countries including Qatar, Oman and the UAE were signed on the opening day covering cooperation in dispute avoidance and resolution, customs, anti-corruption, meteorology and investment promotion. The agreements with Qatar, Oman and the UAE were as follows:
·Joint action plan regarding the arrangement for Mutual Recognition of the Authorised Economic Operator Programme in Hong Kong and the Authorised Economic Operator Programme in the State of Qatar between the Customs and Excise Department of Hong Kong SAR and the General Authority of Customs in the State of Qatar
·Partnership agreement on investment promotion and Business Cooperation between HKTDC and Invest Oman
·MOU in the field of Direct Invest Promotion between Invest Hong Kong and Invest Oman
·Two MOUs on exchange of information for cooperation on Supervision of Cross Border Investment Management Activity signed by Hong Kong’s Securities and Futures Commission (SFC) with the UAE’s ADGM Financial Services Regulatory Authority and Dubai Financial Services Authority (DFSA).
Trade and Investment
Lee said Hong Kong’s external trade with Belt and Road economies reached $276 billion in 2024, up 80 percent since 2013. The city has signed 14 free trade agreements, 20 investment agreements, and 37 double taxation treaties with Belt and Road partners.
“Some 1,400 companies from Belt and Road countries have established a base in Hong Kong to seize these opportunities,” he stated.
In 2023, Hong Kong’s outward direct investment in Belt and Road countries hit $133 billion.
“That's 3.6 times of the amount in 2013 and four times that of Hong Kong's overall outward direct investment growth, a clear sign that global capital converges here and deploys globally,” said Lee.
Last year, the Hong Kong Monetary Authority (HKMA) signed an MoU with Saudi Arabia's Public Investment Fund on a joint $1 billion fund to invest in companies with a Hong Kong nexus expanding to Saudi Arabia. In 2023, HKMA had launched a $1 billion Belt and Road Impact Fund with China’s Silk Road Fund to invest in projects in Asia and the Middle East.
Earlier this month, Hong Kong’s Belt and Road Office signed an MOU with Saudi Arabia's Ministry of Investment as part of its new ‘signature project’ collaborations.
Lee pointed out that last week, the Development Bank of Kazakhstan issued a RMB2 billion dim sum bond in Hong Kong—the first by a Central Asian government entity.
“That underscores Hong Kong's position as a leading fund-raising hub for Belt and Road economies,” said Lee. “That's why more than 100 Belt and Road companies are listed on the HKEX, with more to come.”
He emphasised Hong Kong’s “one country, two systems” framework as a key draw for investors.
“It allows Hong Kong to maintain a common law jurisdiction with a sophisticated legal sector, and a judiciary that exercises its powers independently, providing the safeguards that investors and projects demand,” stated Lee.
In May, 30 countries, including Belt and Road states, signed the Convention on the Establishment of the International Organisation for Mediation, which will be headquartered in Hong Kong—the world’s first intergovernmental body dedicated to resolving international disputes through mediation.
The Belt and Road Summit is jointly organised by the Hong Kong Special Administrative Region Government (HKSAR) and the Hong Kong Trade Development Council (HKTDC). Its 10th edition this year has drawn over 6,000 participants, including 90 officials and business leaders from 16 Belt and Road countries and regions, according to official figures.
(Reporting by Anoop Menon; Editing by SA Kader)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
