Members of the business delegation who will accompany Hong Kong Special Administrative Region Chief Executive John Lee Ka-chiu on his visit to Kuwait and Qatar expressed optimism that the trip will expand Hong Kong’s exploration of emerging overseas markets amid the current unpredictable geopolitical situation.

Lee will lead the six-day high-profile business delegation to Kuwait and Qatar from May 10 to May 15.

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“The visit will further facilitate Hong Kong’s push as an international finance, trade, and technology and innovation hub to Middle Eastern countries,” Federation of Hong Kong Industries Chairman Steve Chuang Tzu-hsiung told China Daily in an interview.

“With the backdrop of the tariff war, the trip can help Hong Kong businessmen to expand their markets to countries in the Middle East, Global South and Belt and Road Initiative,” Chuang said.

The FHKI chairman said that Hong Kong’s niches in finance, technology and innovation, smart city technology and new manufacturing could satisfy the economic upgrade needs of Middle Eastern countries away from the traditional energy-reliant economic development model.

“There are two billion Muslims, accounting for 25 percent of the total population in the world. If Hong Kong enterprises can satisfy the Muslim standard when providing goods and services in the Middle Eastern countries, this will present tremendous business opportunities,” Chuang said.

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The delegation members include over 30 leaders from industry and commerce and professional sectors of Hong Kong and over 20 entrepreneurs from mainland provinces such as Zhejiang, Fujian, and Guangdong. The delegation includes members from the finance, industry and commerce, trade, infrastructure, innovation and technology, energy, transport and logistics sectors.

Other delegation members also expressed optimism over what the business trip might achieve, with Hong Kong and the Middle Eastern countries having the potential for economic cooperation.

“For the past decade, Kuwait and Qatar have focused on the traditional oil and gas industry. Now, they are diversifying into technology and wealth management. As an international financial center, Hong Kong aims to leverage this visit to promote itself as the primary listing hub for Middle Eastern firms. This is why a government-led visit to these countries is significant,” Hong Kong General Chamber of Commerce Chairman Agnes Chan Sui-kuen said.

She also suggested increasing direct flights between Hong Kong and major Middle Eastern cities to reduce travel time and enhance exchanges between the two regions.

Jeffrey Lam Kin-fung, member of the Executive Council and Legislative Council, said that, in addition to helping Hong Kong businesses develop opportunities overseas, the delegation hopes to bring in more capital from the Middle East region. “This includes attracting companies to set up regional headquarters in Hong Kong, as well as leveraging the city’s role as a hub connecting the mainland and the rest of the world.”

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Legislative Councilor (Technology and Innovation) Duncan Chiu believes the Middle East is a fertile market for Hong Kong technology companies looking to expand overseas.

Noting that Kuwait and Qatar are reliant on imported technology, the lawmaker stressed that Hong Kong companies’ strengths in areas such as artificial intelligence, life sciences and chip design mean they have much to offer the Middle Eastern market.

“Qatar is quite keen to have collaboration with Hong Kong and the Chinese mainland in technology collaborations, not just in the purchasing of technology, but also in collaboration in research and development,” Chiu said.

During the visit, the chief executive will meet with local government leaders to enhance communication and establish a collaborative consensus, enabling businesses to clearly understand the policy directions of cooperation between the Hong Kong SAR government and the governments of Kuwait and Qatar, and leading the promotion of cultural exchanges.

Lee will be accompanied by other high-ranking SAR government officials such as Deputy Financial Secretary Michael Wong Wai-lun, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, Secretary for Commerce and Economic Development Algernon Yau Ying-wah, and Commissioner for Belt and Road Nicholas Ho Lik-chi.