Hong Kong Business News

Chief Executive John Lee and Saudi Arabia's Minister of Investment Khalid Al-Falih today witnessed the Belt & Road Office (BRO) and the Ministry of Investment of Saudi Arabia (MISA) sign a Memorandum of Understanding (MoU) on Belt & Road collaboration.

The MoU was signed by Commissioner for Belt & Road Nicholas Ho and Assistant Deputy for Services Sectors of the MISA Fahad M Alhashem.

Under the agreement, the MISA will provide information to Hong Kong regarding infrastructure and construction projects and seek to overcome obstacles that Hong Kong companies may face in accessing the Saudi Arabian market.

Meanwhile, the BRO will share information on Hong Kong's professional services with the MISA, with a view to both sides utilising each other's platforms for investment promotion, tendering and fundraising.

Mr Lee said the MoU marks another significant milestone in collaboration between the two sides under the Belt & Road Initiative, especially as it is the first of its kind signed between Hong Kong and an overseas economy in this area of co-operation.

“As a leading international hub for finance, shipping and trade that is fast rising as an international innovation and technology centre, Hong Kong is well positioned to support Saudi Arabia's Vision 2030.

“Our professional services, ranging from finance, technology and architecture to engineering and legal services, could contribute significantly to the development of signature projects in Saudi Arabia and beyond.”

Mr Lee added that he is confident that the MoU will further strengthen bilateral ties between the two economies.

Besides signing the MoU, Hong Kong and Saudi Arabia are negotiating an Investment Promotion & Protection Agreement, which aims to protect, enhance and open investment, strengthen investor confidence and increase bilateral investment flows between the two places.