FS concludes visit to Riyadh (with photos/video)

     The Financial Secretary, Mr Paul Chan, completed his final day of visit in Riyadh, Saudi Arabia, yesterday (October 31, Riyadh time) with his delegation.

     During the visit, Mr Chan and his delegation continued to participate in events at the "Future Investment Initiative" (FII). He delivered a speech in the themed session titled "Where is the New Silk Road?", stating that since President Xi Jinping proposed the Belt and Road Initiative (BRI) in 2013, the initiative has been connecting continents through shared values of sustainability, innovation, and common prosperity, bringing tangible benefits to people in various regions. Hong Kong has actively participated and benefited from it. As the Belt and Road Initiative moves into the second decade, green development and inclusiveness will become its main focus. Hong Kong is actively developing as an international centre for green tech and green finance, contributing to the future of the New Silk Road in three areas: first, providing the necessary financial support for green transformation; second, offering solutions to climate change through green tech; and third, sharing knowledge, experience, and technology in urban planning, large-scale infrastructure project design, management and operation, and the development of smart green cities.

     The Commissioner for Belt and Road , Mr Nicholas Ho, also spoke on the panel during the session, sharing how Hong Kong can contribute to building a greener and more inclusive New Silk Road, together with other panellists.

     While attending the FII, Mr Chan witnessed the signing of cooperation agreements between a number of Hong Kong organisations and enterprises with their counterparts in Saudi Arabia, including:

     1. The Hong Kong Monetary Authority signed a memorandum of understanding with the Saudi Arabia Public Investment Fund (PIF) to jointly establish a new investment fund of up to USD 1 billion. This fund will invest in sectors such as manufacturing, renewables, fintech, and healthcare, promoting the development of enterprises from Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area in Saudi Arabia, while strengthening Hong Kong's position as an international financial centre.

     2. The Hong Kong Science and Technology Parks Corporation (HKSTP) signed a cooperation agreement with the FII Institute to join its investment ecosystem. The FII Institute will also become a Global Strategic Partner of HKSTP's Global Connect initiative programme. They will recommend start-ups to each other to develop in the respective markets with a view to attracting more investments.

     3. Seven start-ups from HKSTP signed memoranda with Middle East enterprises and organisations, seeking to combine their strengths in technology and innovation to explore development opportunities and applications scenarios.

     4. The Hang Seng Indexes Company Limited signed Head of Terms with the Saudi Exchange to enhance collaboration, as well as promote business development, information exchange and knowledge sharing between the two markets.

     5. A local fintech company signed business agreements with two Saudi financial firms to launch digital asset insurance and pet insurance services respectively. 

     In the morning, Mr Chan attended the listing ceremony of the SAB Invest Hang Seng Hong Kong Exchange Traded Fund at the Saudi Exchange. This product, developed in collaboration with Saudi Awwal Bank's subsidiary, SAB Invest, provides Middle East investors with opportunities to invest in Hong Kong's capital markets. Mr Chan and the Chairman of the Saudi Exchange Group, Mr Khalid Abdullah Al-Hussan, delivered speeches during the ceremony.

     During the FII, Mr Chan also met with Governor of the PIF, Mr Yasir Al-Rumayyan, and Minister of Investment of Saudi Arabia, Mr Khalid Al-Falih, to discuss strengthening investment co-operation and enhancing economic and trade exchanges and co-operation between the two regions.

     After concluding his visit, Mr Chan departed for Hong Kong last night (October 31, Riyadh time) and is scheduled to return on November 1 (Hong Kong time) in the afternoon.