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Hong Kong and UAE explore new co-operation opportunities – News

Hong Kong and UAE explore new co-operation opportunities – News


Both parties will focus on finance, technology and sustainable development


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Yau Ying-wah, Secretary for Commerce and Economic Development, Hong Kong; Nicolas Aguzin, Chief Executive, Hong Kong Exchanges and Clearing Limited; Dr. Joseph Choi, Chairman, Federation of Hong Kong Industries and Chairman, Hong Kong Science and Technology Parks Corporation; Hussain Al Mahmoudi, CEO of Dubai International Chamber of Commerce (SRTIP); and Faisal Juma Khalfan Belhoul, Vice-Chairman of Dubai International Chamber of Commerce, during a panel discussion on Thursday. — photo provided

published: Thursday, February 9, 2023 at 9:46 pm

Hong Kong and the UAE have decided to explore new opportunities for cooperation, focusing on finance, technology and sustainable development.

A delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR), led by the Chief Executive and key officials of the Hong Kong Special Administrative Region and organized by the Hong Kong Trade Development Council (HKTDC), is visiting the UAE this week to strengthen existing business ties and beyond traditional financial and trade Outside the department, develop new areas of cooperation in technology, sustainable development, smart city development, etc.

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

The arrival of a high-level business delegation comprising senior executives from Hong Kong’s financial institutions, the Hong Kong Stock Exchange and Hong Kong’s financial regulators, as well as key players in technological innovation, sustainable development and smart city solutions, will help expedite Hong Kong’s The Special Administrative Region’s commercial ties with the UAE support the strategic development of the UAE, Hong Kong and Mainland China.

Hong Kong Chief Executive Lee Kar-chau said that the United Arab Emirates is Hong Kong’s largest trading partner in the Middle East.

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 Thursday, followed by a business forum and dinner, attended by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Abdulaziz Al Ghurair, Chairman of Dubai Chamber of Commerce; Sultan bin Sura, Chairman of Dubai International Chamber of Commerce Yem (Sultan bin Sulayem).

Hong Kong Chief Executive Lee Kar-chau said that the United Arab Emirates is Hong Kong’s largest trading partner in the Middle East.

“We cherish this long-term relationship and I believe we can now take it to a higher level. That’s why I and these business leaders from Hong Kong – about 30 strong people – are here to tell you that we The doors of business and investment in the UAE are open to welcome UAE companies and investors. For a world of opportunity,” he said.

“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, supporting innovation, investing in technology and finding sustainable solutions. This business visit to the UAE shows The depth of existing commercial relationships and the potential to do more,” he said.

Dr. Thani Al Zeyoudi highlighted the strength and durability of the strategic relationship between the UAE and the People’s Republic of China, which is growing, especially in the economic and trade fields. The forward-looking and far-sighted leadership of both countries is building a strong relationship, opening up new opportunities and expanding bilateral economic cooperation.

“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 light of new economic opportunities,” He said.

Al Zeyoudi said that in the first nine months of 2022, the UAE’s foreign trade with Hong Kong was about AED32 billion (US$8.7 billion), an increase of 36% compared to the same period in 2021, while Hong Kong is the UAE’s top 10 in 2021. One of the largest trading partners, accounting for more than 2% of the UAE’s total non-oil trade. The minister said the forum was an important step in supporting the prospect of 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.

Dr Lam Kwok-nang, Chairman of the Hong Kong Trade Development Council, said that Dubai and Hong Kong are natural partners when it comes to creating business opportunities.

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

On behalf of the Dubai business community, Abdul Aziz Abdulla Al Ghurair, Chairman of the Dubai Chamber of Commerce, said: “I am proud to say that the UAE is Hong Kong’s largest trading partner in the Middle East. Non-oil trade between the UAE and Hong Kong will reach AED 22.2 billion in the first half of 2022 Mu, a 16.2% increase over the first half of 2021. As we open our new international office in Hong Kong, I look forward to seeing the continued collaboration with our Hong Kong counterparts and seeing the relationship between our two countries flourish even more.”

On the trade mission, the Chief Executive, Kar-chiu Lee, was joined by three key officials: Deputy Secretary for Justice, Mr Howard Cheung, Secretary for Financial Services and the Treasury, Mr Hui Chi-keung, and Secretary for Commerce and Economic Development, Mr Edward Yau.

— muzaffarrizvi@khaleejtimes.com



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