HK explores new Middle East partnership: FS

Financial Secretary Paul Chan said on Sunday Hong Kong must work hard to explore new markets to make its economy more resilient, adding that the SAR is actively developing partnerships with countries in the Middle East and Asia.

Writing on his blog, Chan said the SAR needed to diversify its economic cooperation with other regions amid the complex political and economic environment in the world.

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“External changes have a huge impact on Hong Kong, a small, fully open and outward-oriented economy. We must work hard to find new partners and open up new markets to enhance the resilience of the economy and financial markets,” he wrote.

The minister said Hong Kong was keen to attract new capital from the Middle East and Asia – two strong drivers of the global economy.

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“Due to geopolitical risks, Middle Eastern countries have also recognised the need to diversify their investments in recent years. Hong Kong, as an important hub connecting the mainland, Asia and even the world’s capital markets, has become an ideal choice for them to invest in,” he said.

Chan said the recent listing of a Saudi exchange-traded fund in the SAR would pave the way for greater capital flows between the two places. The ETF, which tracks the performance of the FTSE Saudi Arabia Index, allows investors to trade in Hong Kong dollars or yuan.

The financial chief added that the fact that a Saudi Arabian organisation is hosting a summit in Hong Kong later this week shows the SAR’s importance as a link between the Middle East and Asia.

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