Hong Kong’s Finance Chief Paul Chan has embarked on a trip to Saudi Arabia with a delegation from the finance, innovation, and technology sectors. The purpose of the four-day visit is to strengthen and deepen ties with the Middle East.
Chan, along with over 110 members from various Hong Kong government offices and organizations, left the city on the inaugural flight of a relaunched direct route between Hong Kong and Riyadh operated by Cathay Pacific. This move is seen as a symbol of increased people-to-people flow, as well as trade and cargo flows between the two regions.
Speaking to reporters at the airport, Chan highlighted the significance of this trip in the context of the Belt and Road Initiative, emphasizing the importance of opening up new markets and attracting new sources of capital and investment. He stressed that this visit is just the first step in an ongoing process of strengthening ties with the Middle East.
During their time in Saudi Arabia, the delegation will participate in an investment conference in Riyadh, where Chan and other members will discuss how Hong Kong can support the development of the Middle East and Global South, and contribute to the Belt and Road Initiative.
This trip comes at a time when Hong Kong is looking to diversify its trade and investment relations, particularly with countries in the Middle East and the Association of Southeast Asian Nations. Recent warnings and actions by the US government regarding operating in Hong Kong have prompted the city to explore new partnerships and opportunities.
In response to concerns raised by foreign governments and rights organizations over recent legislation in Hong Kong, officials have defended the measures as necessary for ensuring stability in the city. Chief Executive John Lee has also called on industries like tourism, food and beverage, and taxi services to provide better support for Muslim visitors from the Middle East and Southeast Asia.
Overall, the delegation’s visit to Saudi Arabia represents a strategic move by Hong Kong to strengthen its economic ties with the Middle East and diversify its trade partnerships. This trip underscores the city’s commitment to expanding its global reach and exploring new opportunities for collaboration and investment in the region.
