Hong Kong scenery Photo: VCG
Hong Kong Special Administrative Region (HKSAR) Finance Secretary Paul Chan is scheduled to lead a delegation from the finance, innovation and technology sectors to Saudi Arabia on Monday, which analysts say will deepen cooperation between the region and the Middle East. He states that he is deaf. It will make multifaceted contributions and help further strengthen Hong Kong’s position as a global financial and commercial hub.
The delegation is made up of more than 110 members, including the secretaries and representatives of the Belt and Road Secretariat, the Hong Kong Monetary Authority, the Securities and Futures Commission, the Hong Kong Exchanges and Clearing Company, and the Hong Kong Science and Technology Park Corporation. , according to a press release on the Hong Kong Special Administrative Region government website.
“This visit not only represents the close ties between the Hong Kong Special Administrative Region and Saudi Arabia, but also marks another milestone in deeper and more diverse cooperation between Hong Kong and the Middle East region,” Chan said in a blog post on Sunday. Ta.
The delegation will attend the listing ceremony of the first two exchange-traded funds (ETFs) tracking the Hong Kong stock index on the Saudi exchange, which will debut at the end of October. Mr. Chan said that witnessing this meeting was one of the key activities of the visit, which will help local investors “expose Hong Kong stocks by trading locally-listed ETFs in a familiar trading environment and regulatory environment.” “This means it will be easier to invest in the market,” he said.
The debut comes after Asia’s first and world’s largest Saudi Arabia-focused ETF is listed on the Hong Kong Stock Exchange in November 2023.
Officials said they expect more interactive financial products to be launched, facilitating capital flows and bringing more funds into the Hong Kong market from the Middle East. These will also enrich the implications of financial connectivity under the Belt and Road Initiative (BRI).
Liang Haiming, chairman of the Hong Kong-based China Silk Road I-Valley Institute, told the Global Times on Sunday that there is great scope for cooperation in a wide range of financial areas, including digital payments and blockchain technology. Green fintech products.
Another focus of the visit is to accelerate and deepen cooperation in innovation and technology, Zhang said. The Hong Kong Science and Technology Park Corporation will bring more than 20 high-tech startups to conduct roadshows in Saudi Arabia during this visit.
With Saudi Arabia’s Vision 2030 goal of economic diversification, Hong Kong companies are expected to leverage their scientific and technological know-how to find new investment opportunities and explore new markets in the Middle East, Liang said. said. Said. He added that the visit will also help Hong Kong Special Administrative Region strengthen its international influence and strengthen its position as a global financial and trade center.
The Hong Kong Special Administrative Region delegation will also attend the 8th Future Investment Initiative in Riyadh, where Mr Chan and other members of the delegation will discuss Hong Kong as a “super connector” and “super value adder”. He will explain the unique roles and functions of special administrative regions. The two leaders will also share how Hong Kong can support the development of the Middle East and the Global South and actively contribute to the development of the Belt and Road Initiative.
