Belt and Road Initiative marks first decade
The Belt and Road Initiative, which is now backed by 152 countries and accounts for 75% of the world’s population and over 50% of global GDP, marks its 10th anniversary in 2023. As a long-time active participant and contributor to the Belt and Road Initiative, Hong Kong is a leading platform for international companies to conduct business under the Belt and Road framework to help achieve the goals of the initiative – to deepen collaboration between countries and support economic growth in the region, including the Middle East.
Accessing the Belt and Road Initiative through Hong Kong
Hong Kong Trade Development Council (HKTDC) Deputy Executive Director Dr Patrick Lau said: “The Belt and Road Initiative is a well-planned and well-thought-out scheme with long-term goals.” He believes the initiative reflects the path of Mainland China and Hong Kong’s development and offers Saudi Arabia and the UAE opportunities to collaborate on business, trading and infrastructure development. The Belt and Road Initiative will fuel trading activities between countries along its route.
In 2013, President Xi Jinping proposed the Belt and Road Initiative with the aim of promoting connectivity in five areas: policy coordination, facilities connectivity, unimpeded trade, financial integration and people-to-people bonds. Over the decade, the Initiative has received increasing attention and interest around the world. The latest count shows that more than 152 countries and 32 international organisations have signed more than 200 cooperative documents for jointly building the Belt and Road Initiative.
Hong Kong possessed high-quality talent resources, including professionals in such fields as finance, law and business. Hong Kong could provide talent for the Belt and Road, supporting implementation and management of the project, helping Middle Eastern business seize the business opportunities presented by the Belt and Road Initiative to strengthen its status – both in the region and in the wider world. Also, as a part of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Hong Kong supports the Belt and Road Initiative thanks to the GBA’s multi-faceted economic strengths and regional competitiveness.
HKTDC’s Belt and Road Initiative role
Dr Lau said: “The HKTDC has always been committed to promoting international business collaboration and seizing opportunities under the Belt and Road Initiative. The HKTDC has also been stepping up its efforts to reconnect global business ties as the world enters the post-pandemic era, leveraging Hong Kong’s strength as Belt and Road’s premier business and exchange platform. With our 50 offices around the world, the HKTDC will continue promoting business collaboration through flagship events such as the Belt and Road Summit, outbound delegations to key economies along the Belt and Road, and year-round deal-making exercises.”
Deal-making service to Help Saudi, UAE businesses tap talent
Saudi Arabia and the United Arab Emirates continue to be key Belt and Road Initiative partners and the relationship with Hong Kong continued to grow strengthen. Dr Lau said: “Hong Kong is renowned as a centre for deal-making, and the HKTDC plays a crucial role in facilitating highly promising projects, leading the way in building Hong Kong into an international business platform for Belt and Road countries. We provide specialised assistance to untapped blue ocean markets and connect with untapped talent. Through multi-party cooperation and the introduction of new technologies, the HKTDC creates economic benefits for businesses, social sharing value for society, as well as Belt and Road countries and regions, benefiting humanity, which business in Saudi Arabia and UAE are welcome to make good use of our deal-making service to invest and identify projects and explore HK professional services partners.”
Middle East mission MoUs showcase strengths in finance, trade, tech, and sustainability
In February 2023 the HKTDC organised a delegation of Hong Kong Special Administrative Region (HKSAR) business leaders, led by HKSAR Chief Executive Mr John Lee and other principal officials, to visit Saudi Arabia and the UAE, enhancing connections between Hong Kong and the countries in various areas such as trade and investment. The delegation comprised senior executives from Hong Kong’s financial institutions and regulator, as well as major players in technology and innovation, sustainability, and smart-city solutions. The delegation exchanged 13 Memorandums of Understanding/Letters of Intent for Cooperation with local enterprises and organisations.
UAE, Saudi success stories
During the February mission, Dubai Chambers announced the establishment of its international office in Hong Kong to drive mutual economic and business growth and enhance trade ties between Dubai and Hong Kong. The office will promote trade from Hong Kong to Dubai and attract more Hong Kong businesses to the emirate while expanding Dubai’s Asia-Pacific presence. It will collaborate with the HKTDC and other government and private-sector entities to leverage exciting growth of Dubai and Hong Kong economies.
To further facilitate opportunities arising from the initiative, the HKTDC joins forces with the HKSAR Government to organise the annual Belt and Road Summit in September 2023, making it a premier international platform for global businesses to exchange insights and explore collaboration.
The 8th Belt and Road Summit in Hong Kong
Since international travel has resumed this year the Belt and Road Summit will return to full-fledged in-person format on 13-14 September 2023. “Forward-thinking Middle Eastern companies can take advantage of the opportunities arising from the initiative, so we would encourage business leaders, especially those focused on innovation, technology, and finance, to attend the Belt and Road Summit next month,” Dr Lau said.
The summit has been effectively connecting potential business partners for perspective cooperation. Last year’s summit featured more than 80 heavyweight speakers and attracted nearly 20,000 onsite and online participants from over 80 countries and regions, while more than 800 one-to-one business matching meetings were arranged during the summit. This year’s summit will expand its horizons to cover more new opportunities from the Middle East market under the context of the Belt and Road Initiative.
