Hong Kong is stepping up collaboration with the Middle East in financial technology, innovation and technology, as well as overseas business expansion, Financial Secretary Paul Chan Mo-po said on Sunday.

Writing in his weekly blog, Chan said Hong Kong’s financial markets have continued to show strong global competitiveness.

“Hong Kong has the world’s largest initial public offering market this year, the largest green finance market in Asia, and a vibrant bond market,” he said.

“With its deep pool of international and Chinese mainland capital and a wide range of financial instruments, Hong Kong is well placed to support the Middle East’s accelerated development while creating new growth opportunities for itself.”

The finance chief noted that the special administrative region will soon see the first Middle East-based enterprise listed on the city’s stock exchange.

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Softcare – a baby and feminine hygiene product manufacturer based in the Dubai Airport Free Zone, the United Arab Emirates – is expected to debut on the Hong Kong bourse on Nov 10.

Hong Kong Exchanges and Clearing’s office in Riyadh, Saudi Arabia’s capital city, has begun operating, while preparations for the SAR’s second Economic and Trade Office in the region are progressing well, he said.

The Hong Kong Trade Development Council has signed a memorandum of cooperation with Saudi Arabia-based Digital Cooperation Organization. This will help enterprises from both sides use Hong Kong as a platform to expand into the Asia-Pacific market and strengthen the foundation for bilateral cooperation.

Saudi Arabian startups are already part of Hong Kong’s innovation ecosystem, Chan said. Hong Kong has signed agreements with Saudi Arabian partners covering artificial intelligence, spatial sensing technology, robotics research and development, and environmental technology.

Technology companies from Hong Kong and the Chinese mainland will collaborate with Saudi Arabian partners in applying these technologies, exploring new application scenarios, and expanding business opportunities in the Middle East.

Last week, Chan led a delegation of about 40 representatives from Hong Kong and the Chinese mainland’s innovation, financial, and commercial sectors to Riyadh to attend the 9th Future Investment Initiative – a flagship global investment conference.

He said Saudi Arabia, under its “Vision 2030”, is vigorously promoting economic diversification and advancing infrastructure, tourism, and innovation.

With the institutional advantages of “one country, two systems”, Hong Kong’s high concentration of international capital, talent, and enterprises positions the city as a two-way platform, enabling mainland and Hong Kong companies to “sail together” into Middle Eastern markets, while helping Middle Eastern enterprises to expand into the mainland and Asia.

Highlighting Hong Kong’s steady economic performance, Chan said its gross domestic product had grown 3.8 percent in the third quarter of this year, with exports remaining resilient and domestic consumption continuing to recover, and the city is on track to achieve its full-year economic growth target.

Contact the writer at akirawang@chinadailyhk.com