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Hong Kong finance chief Paul Chan has departed for Saudi Arabia, leading a delegation from the finance and innovation and technology sectors on a four-day trip to “strengthen and deepen” Middle East ties.
Chan left the city on Monday afternoon on the inaugural flight of a relaunched direct route between Hong Kong and Riyadh operated by Cathay Pacific. The route was suspended in 2017.
“This symbolises a more frequent and direct people-to-people flow, as well as trade and cargo flows between the two regions,” Chan told reporters at the airport.
“From our perspective, from the Belt and Road Initiative perspective, and from the standpoint of opening up new markets, attracting new sources of capital, new sources of investment, this is an important move, but this is only the first step,” Chan continued. “It will be an ongoing process.”
The delegation includes over 110 members from the Belt and Road Office, the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority, and the Hong Kong Exchanges and Clearing Limited.
During the visit, the delegation will attend an investment conference in Saudi Arabia’s capital at which Chan and others will speak. “They will share how Hong Kong can support the development of the Middle East and Global South, and actively contribute to the Belt and Road Initiative.”
Hong Kong has sought to develop trade and investment relations with countries in the Middle East and the Association of Southeast Asian Nations as its business ties with Western democracies are tested.
In September, several branches of the US government warned firms and individuals of the risks involved in operating in Hong Kong following the enactment of further security legislation. Several days later, the US House advanced a bill that could see the closure of the city’s trade missions in America. Both acts were condemned by the Hong Kong government, accusing the US of slander and making baseless accusations.
In March, Hong Kong’s opposition-free legislature passed a new security law, known locally as Article 23, to plug “loopholes” left after Beijing imposed its own national security law on the city in 2020.
Officials have hailed the laws as bringing stability back to the city following months-long protests and unrest in 2019, but rights organisations and foreign governments have criticised the legislation as broad and vague.
During his third Policy Address earlier this month, Chief Executive John Lee urged Hong Kong’s tourism, food and beverage and taxi industries to provide better religious, language and catering support for Muslim visitors from the Middle East and Southeast Asia.
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