HK deepens ties with Mideast, Global South: FS

Financial Secretary Paul Chan declared on Sunday that Hong Kong's partnerships with the Middle East and the Global South were deepening and becoming more substantial. Chan's comments came following his visit to Doha, Qatar, for an annual Asian Infrastructure Investment Bank meeting, where he engaged with political and business leaders from around the globe.

In his weekly blog, Chan expressed optimism that cooperation between the two regions was not only increasing but also evolving from capital and people flows towards broader collaboration in innovation, technology, and industrial projects. He highlighted that Middle Eastern economies have been focusing on economic diversification, investing in infrastructure, artificial intelligence, digitalization, healthcare, robotics, renewable energy, and new materials, which are in line with Hong Kong's innovation and technology development goals.

Chan noted that the nature of these exchanges this time was more advanced, as they shifted from mere intentions to substantive discussions on projects. "What they require is not just investment, but also project and industrial cooperation, knowledge, and experience in institutional development, professional services, and trustworthy partners," Chan explained.

He emphasized that Hong Kong would maintain its role as an international financial center and continue to expand its global connections and influence through various events in the coming months. Additionally, Chan reported that the city had seen over 732,000 visits from mainland tourists during the first three days of the National Day Golden Week holiday, marking an 8.4 percent year-on-year increase.

Many restaurants and stores, particularly in popular tourist areas, experienced a surge in business due to the influx of visitors.