Hong Kong indications MOU with Saudi Arabia on Belt and Road partnership (with images)
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The Belt and Road Office (BRO) and the Ministry of Investment of Saudi Arabia (MISA) signed a Memorandum of Understanding (MOU) today (August 29) to improve details exchange in relation to the fields of facilities and building, and for MISA to offer assistance to associated expert services in Hong Kong to access the Saudi Arabian market.
Experienced by the Chief Executive, Mr John Lee, and the Minister of Investment of Saudi Arabia, Mr Khalid Al-Falih, the MOU was signed by the Commissioner for Belt and Road, Mr Nicholas Ho, and the Assistant Deputy for Services Sectors of the MISA, Mr Fahad M Alhashem.
“I led a high-level Hong Kong Special Administrative Region delegation to Saudi Arabia in 2023, strengthening the foundation for the long-term development of Hong Kong businesses in the Middle East region. This MOU marks another significant milestone in the collaboration between the two sides under the Belt and Road Initiative (B&RI), especially as it is the first of its kind signed between Hong Kong and an overseas economy in this area of co-operation. As a leading international hub for finance, shipping and trade that is fast-rising as an international innovation and technology centre, Hong Kong is well positioned to support Saudi Arabia’s Vision 2030. Our professional services, ranging from finance, technology and architecture to engineering and legal services, could contribute significantly to the development of signature projects in Saudi Arabia and beyond. I am confident that this MOU will further strengthen the bilateral ties between the two economies,” Mr Lee stated.
Under the MOU, the MISA would supply details on facilities and building jobs to Hong Kong and look for to conquer barriers that Hong Kong business might deal with in accessing the Saudi Arabian market, while BRO would share info on Hong Kong’s expert services with the MISA, with a view to making use of each other’s platform for financial investment promo, tendering and fundraising.
Apart from signing the MOU, Hong Kong and Saudi Arabia are working out an Investment Promotion and Protection Agreement, which intends to safeguard, improve and open financial investment and assists reinforce financier self-confidence and boost bilateral financial investment streams for increasing closer financial relations in between the 2 locations.