By Rafiq Vayani
DUBAI: A delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR), led by the city’s Chief Executive and principal officials and organised by the Hong Kong Trade Development Council (HKTDC), is in the UAE this week to strengthen existing business ties and develop new areas of collaboration in technology, sustainability, smart city development in addition to traditional sectors of finance and trade.
With Hong Kong’s unrivalled access to China and Asia and the UAE’s role as a gateway to the GCC and European markets, the relationship between the two commercial centres is already providing important benefits to a range of businesses. The arrival of the high-level business delegation which comprises senior executives from Hong Kong’s financial institutions, the Hong Kong Stock Exchange and the city’s financial regulator, as well as major players in technology and innovation, sustainability, and smart city solutions, will help accelerate the commercial ties between HKSAR and the Emirates and support the strategic development of the UAE, Hong Kong and mainland China.
The important strategic relationships which exist between China and the UAE are based on a shared backing for liberal trade policies, investment in cutting-edge technology, low tax regimes and backing for pro-business regulation.
At a press briefing held today (8th February 2023) in Dubai followed by a business forum and gala dinner in the presence of HE Dr Thani bin Ahmed Al Zeyoudi, United Arab Emirates Minister of State for Foreign Trade, Hong Kong’s Chief Executive Mr John Lee, said: “The commercial and political ties between Hong Kong and the UAE are growing ever stronger. It is clear we both approach business in the same way, backing innovation, investing in technology and looking for sustainable solutions. This business mission to the UAE shows the depth of existing commercial relationships and the potential to do a lot more.”
Dr Peter KN Lam, Chairman of the Hong Kong Trade Development Council, mentioned in his opening remarks that “Dubai and Hong Kong are natural partners when it comes to creating business opportunities. The signing of several *MOUs at our event tonight shows the tremendous potential for deeper collaboration.”
Representing the business community in Dubai, His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman, Dubai Chambers, commented: “I am proud to say that the UAE is the largest trading partner for Hong Kong in the Middle East. Non-oil trade between the UAE and Hong Kong reached AED22.2 billion in the first half of 2022, registering 16.2% growth compared to the first half of 2021. With the presence of our new international office in Hong Kong, I look forward to seeing continued collaboration with our Hong Kong counterparts and seeing the relationship between our countries thrive and prosper even more.”
In the trade delegation, the Chief Executive Mr John Lee is joined by three principal officials: Deputy Secretary of Justice Mr Horace Cheung, Secretary for Financial Services and Treasury Mr Christopher Hui, and Secretary for Commerce and Economic Development Mr Algernon Yau.
Other business leaders from Hong Kong and the Emirates also exchanged views at a panel discussion yesterday. Chaired by Mr Algernon Yau Ying Wah, Hong Kong’s Secretary for Commerce and Economic Development, panel speakers included Mr Nicolas Aguzin, Chief Executive Officer, Hong Kong Exchanges and Clearing Ltd, Dr Sunny Chai, Chairman, Federation of Hong Kong Industries and Chairman, Hong Kong Science & Technology Parks Corporation, Mr Horace Cheung Kwok Kwan, Hong Kong’s Deputy Secretary for Justice, and H.E. Hussain Al Mahmoudi, Chief Executive Officer, Sharjah Research, Technology & Innovation Park (SRTIP) and H.E. Faisal Juma Khalfan Belhoul, Vice Chairman, Dubai International Chamber.
