This week, a delegation of business executives from the Hong Kong Special Administrative Region (HKSAR), led by the city's chief executive and other top officials, is in the United Arab Emirates (UAE) to expand already-existing business ties and forge new ones in the fields of technology, sustainability, and the development of smart cities, in addition to more conventional business sectors like finance and trade.
The link between the two commercial centres is already offering significant advantages to a variety of firms due to Hong Kong's unmatched access to China and Asia and the UAE's function as a gateway to the Gulf Cooperation Council (GCC) and European markets.
The high-level business delegation's arrival, which includes senior executives from Hong Kong's financial institutions, financial regulators, as well as major players in innovation and technology (I&T), sustainability, and smart city solutions, will support the strategic development of the UAE, Hong Kong, and mainland China while also advancing trade relations between the HKSAR and the Emirates.
Between China and the UAE, there are significant strategic ties based on a common support for open trade policies, investments in cutting-edge technology, low tax systems, and support for pro-business legislation.
In the presence of H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, H.E. Mr. Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, and H.E. Sultan Bin Sulayem, Chairman of Dubai International Chambers, a press conference was held on February 8 in Dubai. The event was followed by a business forum and dinner.
Hong Kong's Chief Executive Mr John Lee said: "The UAE is Hong Kong's largest trading partner in the Middle East region. We treasure this long-standing relationship, and I believe that we can now take it to a higher level. That's why I'm here, together with these business leaders from Hong Kong - some 30 strong - to tell you that our business and investment doors are wide open and welcoming for UAE companies and investors. For a world of opportunities.
"The commercial and political ties between Hong Kong and the UAE are growing ever stronger. It is clear we both approach business in the same way, backing innovation, investing in technology and looking for sustainable solutions. This business mission to the UAE shows the depth of existing commercial relationships and the potential to do a lot more."
In response, H.E. Dr. Thani bin Ahmed Al-Zeyoudi emphasised the strength and tenacity of the strategic ties between the People's Republic of China and the United Arab Emirates, which are continuously expanding, particularly in the fields of trade and economics. The two nations' forward-thinking and astute leaders are forging a solid alliance, creating fresh possibilities, and expanding bilateral economic cooperation.
His Excellency added: "Strengthening investment and trade partnerships with Hong Kong supports the strategic cooperation between the UAE and China and contributes to opening new business fields, stimulating communication between the Emirati-Chinese business communities, especially in light of new economic opportunities."
His Excellency continued: "The value of foreign trade between the UAE and Hong Kong amounted to about AED32 billion (US$8.7 billion) during the first 9 months of 2022, achieving a growth of 36% compared to the same period in 2021, while Hong Kong was among the top 10 trading partners for the UAE during 2021, with a contribution of more than 2% of the UAE's total non-oil trade."
His Excellency said that the meeting is a crucial step towards promoting expanded commerce and improving chances for bilateral collaboration in a variety of industries, particularly shipping, logistics, the service industry, and air travel. It maximises advantages for Hong Kong-based and Emirati businesses.
HKTDC Chairman Dr Peter K N Lam mentioned in his opening remarks that "Dubai and Hong Kong are natural partners, when it comes to creating business opportunities. The signing of three MoUs* at our event tonight shows the tremendous potential for deeper collaboration. Creating business opportunities has been the work of the Hong Kong Trade Development Council for over 55 years, and I am pleased to be part of these exciting times."
Representing the business community in Dubai, H.E. Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: "I am proud to say that the UAE is the largest trading partner for Hong Kong in the Middle East. Non-oil trade between the UAE and Hong Kong reached AED22.2 billion in the first half of 2022, registering 16.2% growth compared to the first half of 2021. With the presence of our new international office in Hong Kong, I look forward to seeing continued collaboration with our Hong Kong counterparts and seeing the relationship between our countries thrive and prosper even more."
Three important government representatives are accompanying Chief Executive Mr. Lee in the trade delegation: Mr. Horace Cheung, Deputy Secretary of Justice; Mr. Christopher Hui, Secretary for Financial Services and Treasury; and Mr. Algernon Yau, Secretary for Commerce and Economic Development.
At a panel discussion, more business leaders from Hong Kong and the Emirates also shared their perspectives. Mr. Horace Cheung, Chairman of the Federation of Hong Kong Industries and Chairman of the Hong Kong Science & Technology Parks Corporation (HKSTP), Mr. Nicolas Aguzin, Chief Executive Officer of Hong Kong Exchanges and Clearing Ltd., H.E. Hussain Al Mahmoudi, Chief Executive Officer of Sharjah Research Technology & Innovation Park (SRTIP), and H.E. Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai International were among the panel
3 MOUs have been signed:
- HKTDC and Dubai Chamber
- Ho & Partners Architects, Negawatt, Masdar City and The Catalyst
- HKSTP and Sharjah Research Technology & Innovation Park