Hong Kong to deepen ties with Global South and Middle East, finance chief says

Hong Kong officials have announced plans to strengthen relationships with emerging economies in the Middle East, Belt and Road Initiative countries, and the Global South. Finance Secretary Paul Chan Mo-po stated that the city aims to build "networked and institutionalized" connections in finance, innovation, and technology with these regions.

The 15th five-year national plan supports Hong Kong's role as an international innovation and technology center and global hub for finance, shipping, and trade. Chan emphasized that green and sustainable bond issuance in Hong Kong, totaling $20.2 billion in the first half of the year, is leading the Asia ranking for eight consecutive years.

He highlighted that Hong Kong's cooperation with the Global South brings business opportunities, capital inflows, and market liquidity while providing essential support for their development. In the Middle East, Sohar International Bank, the second-largest lender in Oman, opened its first office outside the region in Hong Kong, followed by the Oman Investment Authority's participation in Hong Kong's Innovation and Technology Venture Fund.

Chan stressed that this cooperation expands from finance into innovation and technology, elevating bilateral economic and investment relations to broader domains. Hong Kong's solid research and development capabilities, backed by the Greater Bay Area's innovation and industrial chain, offer practical innovation and research capabilities, commercialization pathways, and high-end industrial capacity for partners in the Middle East and Central Asia.