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Hong Kong and UAE explore cooperation opportunities

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Dubai-(New Media Express) – Feb 9, 2023 – (ACN Newswire) A delegation of Hong Kong SAR business leaders led by the Chief Executive and principal officials of the Hong Kong SAR and organized by the HKTDC visited the United Arab Emirates (UAE) this week to strengthen existing business ties and develop beyond the traditional financial and trade Beyond the sector, new areas of cooperation in technology, sustainable development and smart city development.

With Hong Kong’s unrivaled access to China and Asia and the UAE’s role as a gateway to the Gulf Cooperation Council (GCC) and European markets, the relationship between the two business hubs has brought significant benefits to a range of businesses.

The arrival of a high-level business delegation comprising senior executives from Hong Kong’s financial institutions, financial regulators, and key players in innovative technology, sustainable development and smart city solutions will help accelerate the Business connections and the UAE, supporting the strategic development of the UAE, Hong Kong and Mainland China.

The important strategic relationship that exists between China and the UAE is based on mutual support for free trade policies, investment in cutting-edge technology, low tax regimes and pro-business regulation.

A press conference was held in Dubai on February 8, followed by a business forum and dinner attended by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and His Excellency Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chamber of Commerce, and Sultan Bin, Chairman of Dubai International Chamber of Commerce Your Excellency Sulayem.

“The UAE is Hong Kong’s largest trading partner in the Middle East. We cherish this long-standing relationship and I believe we can now take it to a higher level. That’s why I’m here, Join these business leaders from Hong Kong – some 30 strong – to tell you that our business and investment doors are open to UAE companies and investors. For a world of opportunity.

“The commercial and political ties between Hong Kong and the UAE are growing stronger. It is clear that we both do business in the same way, support innovation, invest in technology and seek sustainable solutions. This business visit to the UAE shows The depth of existing commercial relationships and the potential to do more.”

In response, His Excellency Dr. Thani bin Ahmed Al-Zeyoudi highlighted the strength and durability of the strategic relationship between the United Arab Emirates and the People’s Republic of China, which is growing, especially in the economic and trade fields. The leaders of the two countries are forward-looking and far-sighted, and are building a strong partnership, opening up new opportunities, and expanding bilateral economic cooperation.

His Excellency added: “Strengthening investment and trade partnerships with Hong Kong supports strategic cooperation between the UAE and China and helps to open up new business areas and facilitate exchanges between the UAE and Chinese business communities, especially in the new economic By chance.”

Your Excellency continued: “In the first nine months of 2022, the UAE’s foreign trade with Hong Kong was approximately AED32 billion (US$8.7 billion), an increase of 36% compared to the same period in 2021, and Hong Kong is the UAE’s largest exporter in 2021. One of the top 10 trading partners, contributing more than 2% of the UAE’s total non-oil trade.”

Your Excellency stated that the Forum is an important step in supporting the prospects for increased trade and enhanced bilateral cooperation, especially in shipping, logistics, services and air transport. It brings maximum benefit to UAE companies and their counterparts in Hong Kong.

In his opening remarks, HKTDC Chairman Dr. Kwok-ning Lam mentioned: “Dubai and Hong Kong are natural partners when it comes to creating business opportunities. The signing of three MoUs* at our event tonight shows the great potential of deepening cooperation. potential. Creating business opportunities has been the work of the Hong Kong Trade Development Council for 55 years and I am delighted to be a part of these exciting times.”

His Excellency Abdul-Aziz Abdulla Al Ghurair, Chairman of the Dubai Chamber of Commerce, commented on behalf of the Dubai business community: “I am proud to say that the UAE is Hong Kong’s largest trading partner in the Middle East. AED 22.2 billion, an increase of 16.2% compared to the first half of 2021. With the opening of our new international office in Hong Kong, I look forward to continuing to work with our Hong Kong counterparts and seeing a stronger relationship between our two countries develop.”

On the trade mission, Chief Executive Lee Hsien Loong was joined by three key officials: Mr Cheung Ho-wai, Deputy Secretary for Justice, Mr Hui Chi-keung, Secretary for Financial Services and the Treasury, and Mr Yau Teng-wah, Secretary for Commerce and Economic Development.

Other business leaders from Hong Kong and the UAE also exchanged views during yesterday’s panel discussion. Panelists moderated by Mr Yau Teng-wah included Mr Nicolas Aguzin, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited, Dr Joseph Choi, Chairman of Federation of Hong Kong Industries and Chairman of Hong Kong Science and Technology Parks Corporation (HKSTP), Mr Horace Cheung, Sharjah Research Technology and Innovation Park (SRTIP) CEO Hussain Al Mahmoudi and Dubai International Chamber of Commerce Vice Chairman HE Faisal Juma Khalfan Belhoul.

* 3 MoUs signed:
– HKTDC and Dubai Chamber of Commerce
– Ho & Partners Architects, Negawatt, Masdar City and The Catalyst
– Hong Kong Science and Technology Parks Corporation and Sharjah Research Technology Innovation Park

Hong Kong: Getting Ready for Business

As a two-way platform connecting China with the world and one of the world’s top financial centers, Hong Kong has always supported enterprises and investors from all over the world to explore the vast Chinese and Asian markets and played an important role in global finance. A system with exceptional connectivity to the Chinese market.

As part of China, but operating under the international system, Hong Kong provides special access to and from the mainland for the movement of capital, goods, technology and people as defined by the country’s 14th Five-Year Plan. Hong Kong is also a commercial center for the “Belt and Road” initiative, a global development plan launched by China, and part of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) – a powerhouse of capital, technology and cultural exchanges in southern China designated by the Chinese government to drive the country’s development .

With Hong Kong’s common law system, low tax system, advanced infrastructure and connectivity, and long history as an international trade and business center, Hong Kong is well positioned to support business investment and development from around the world.

Recently, in his 2022 Policy Address, the Chief Executive of the Hong Kong Special Administrative Region announced a series of incentives and measures to attract international strategic enterprises and investment to Hong Kong, especially in life sciences, health technology, artificial intelligence and data science, financial Technology, advanced manufacturing and new energy technologies.

More about Hong Kong

– Hong Kong: Overview https://tinyurl.com/Asias-world-city
– Hong Kong as a global financial center https://tinyurl.com/Financial-Centre
– Technology and Innovation in Hong Kong https://tinyurl.com/Tech-Innovation
– Hong Kong as a business hub for the Belt and Road Initiative https://tinyurl.com/One Belt One Road
– Hong Kong as part of the Guangdong-Hong Kong-Macau Greater Bay Area https://tinyurl.com/ Greater Bay Area
– Photo download: https://bit.ly/40LxYMu

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop trade in Hong Kong. With 50 offices around the world, 13 of which are located in Mainland China, the HKTDC is committed to promoting Hong Kong’s status as a two-way global investment and business hub. The HKTDC organizes international exhibitions, conferences and business missions to create business opportunities for enterprises, especially SMEs, in the Mainland and international markets. HKTDC also provides the latest market insights and product information through research reports and digital news channels.For more information, follow us on Twitter @hktdc and LinkedIn, or visit www.hktdc.com/aboutus.

Media inquiries:
Credo Communications, Habib Bacha, Tel: +971 (50) 111 3799, Email: habib.bacha@credocomms.com

HKTDC:
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

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