Middle East 'economic might' to play key role in Belt and Road, Hong Kong leader says
Hong Kong chief executive John Lee expects the “economic might” of the Middle East to play a key role in the China-led Belt and Road Initiative , which is increasingly being positioned as a counterweight to the imbalance created by geopolitical challenges. Without directly citing the US-led war in Iran, Mr Lee, at the Belt and Road Summit in Hong Kong on Wednesday, said the world was “struggling…
Hong Kong Chief Executive John Lee has stated that the economic power of the Middle East will play a crucial role in the Belt and Road Initiative (BRI), which aims to counter geopolitical imbalances. At the BRI Summit in Hong Kong, Lee emphasized the need for connectivity, cooperation, and consensus in the face of unprecedented global change and fragmentation.
The summit featured a dedicated focus on the Middle East, with representatives from UAE, Saudi Arabia, Kuwait, Qatar, and Oman participating. Over a dozen Middle Eastern nations are already members of the BRI, which comprises more than 150 members. Hong Kong officials have been actively seeking to strengthen ties with the Middle East, visiting countries like the UAE, Saudi Arabia, Qatar, and Kuwait.
Lee highlighted that collaboration between the Middle East and Hong Kong is growing rapidly, paving the way for accelerated trade expansion. Trade Development Council Chairman Frederick Ma stressed the importance of economic diversification to mitigate the impacts of geopolitical conflicts. Ma argued that diversification is a necessity in a world fraught with risks, urging the pursuit of new opportunities amidst ongoing challenges.
The BRI, a Chinese-led initiative, aims to connect Asia with Africa and Europe, enhancing regional integration, trade, and economic growth. Launched in 2013, the BRI has become the largest infrastructure project by a single country, with investments reaching nearly $1.4 trillion, including $837 billion in construction contracts and $561 billion in non-financial investments.
The summit, organized by the Hong Kong government and Trade Development Council, serves as a platform for businesses and policymakers to explore investment themes, share insights on cooperation, and identify trade opportunities across 65 countries. This year's summit is expected to finalize over 60 government deals, with Lee predicting that these engagements will expand connectivity, open new markets, and foster regional cooperation.
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