‘Trust of Global South in BRICS has grown’: PM Narendra Modi

Hong Kong plans to strengthen its relationships with the Global South and Middle East, according to Finance Chief Paul Chan Mo-po. The city aims to expand connections in finance, innovation, and technology with these regions. Chan emphasized that Hong Kong's 15th five-year plan will support its growth into an international innovation and technology hub, as well as a global finance, shipping, and trade center.

The finance chief also highlighted the importance of green transition, stating that the global south faces substantial financing gaps and requires credible standards for investors. Hong Kong issued US$20.2 billion (US$2.57 billion) in green and sustainable bonds in the first half of this year, ranking first in Asia for eight consecutive years.

Chan noted that Hong Kong's cooperation with the Middle East goes beyond finance, expanding into innovation and technology. The Oman Investment Authority plans to participate in Hong Kong's Innovation and Technology Venture Fund, signaling a growing financial tie. Chan stressed that Hong Kong's strong R&D capabilities, supported by the Greater Bay Area's innovation and industrial chain, provide valuable support for partners in the Middle East and Central Asia.