(From second left) Financial Secretary Paul Chan Mo-po; Chief Executive Officer of FII Institute Richard Attias; Chief Executive John Lee Ka-chiu; Chairman of FII Institute Yasir Al-Rumayyan; Chairman of the Hong Kong Exchanges and Clearing Limited (HKEX) Laura Cha; Chief Executive Officer of the HKEX Nicolas Aguzin, and other guests officiate at the gong-striking ceremony during the Future Investment Initiative PRIORITY Summit in Hong Kong on Dec 7, 2023. (PHOTO / HKSAR GOVERNMENT)
Leaders from Hong Kong and Saudi Arabia cast a vote of confidence in Hong Kong’s role as a free economy and a crucial gateway connecting East and West at the Future Investment Initiative PRIORITY Summit, held on Thursday.
Hong Kong “is one of the world’s most competitive and freest economies,” Hong Kong Chief Executive John Lee Ka-chiu said in a speech at the two-day conference, themed “Megatrends shaping humanity”.
“Our free flow of capital and information, buttressed by a robust common law system and a multi-talented, multilingual workforce, contributes to our longstanding status as a major international financial center,” Lee said.
Hong Kong stands as the world’s foremost gateway, serving as a “super value-adder” for economies, cultures, and people from both East and West. This is made possible by the principle of “one country, two systems”, said Chief Executive John Lee Ka-chiu
Hong Kong stands as the world’s foremost gateway, serving as a “super value-adder” for economies, cultures, and people from both East and West. This is made possible by the principle of “one country, two systems”, he added.
Lee noted that about 1,000 fintech companies currently operate in Hong Kong, up 25 percent from the previous year.
CEO of the Future Investment Initiative Institute Richard Attias said Hong Kong and Saudi Arabia both serve as “superconnectors” for people from diverse cultures and markets.
Attias hailed Hong Kong’s role as a gateway to Asia, its simple low tax system, and its robust legal system.
ALSO READ: HK’s superconnector role is here to stay
Laura Cha Shih May-lung, chairman of the Hong Kong Exchanges and Clearing Ltd (HKEX), stressed that “the world needs connectivity now more than ever.”
She expects stronger ties between the Middle East, the Chinese mainland, Hong Kong and internationally to develop throughout the event. “It is only by working together that we can advance and solve the most pressing challenges of our generation.”
Hong Kong Chief Executive John Lee Ka-chiu (fourth from left) and other guests pose for a group photo at the Future Investment Initiative Priority Summit in Hong Kong on Dec 7, 2023. (PHOTO / HKSAR GOVERNMENT)
CEO of HKEX Nicolas Aguzin said, “Set against today’s complex macro backdrop, it is crucial that we continue to strengthen the channels that support global connectivity.”
The event, which kicked off on Thursday, was organized by the Future Investment Initiative Institute, a nonprofit think tank run by Saudi Arabia’s Public Investment Fund, in partnership with the Hong Kong Special Administrative Region government and HKEX.
CEO of the Future Investment Initiative Institute Richard Attias said Hong Kong and Saudi Arabia both serve as “superconnectors” for people from diverse cultures and markets
Around 1,000 investors, innovators, entrepreneurs and policymakers from around the world are attending, with over 100 speakers — including industry leaders, government officials and academics. Discussions are focused on key priorities in the fast-changing social, economic and geopolitical landscape.
Hong Kong is the first Asian city to host the conference. Yasir Al-Rumayyan, governor of the Public Investment Fund of Saudi Arabia, said this was because the city, with its geographical proximity to the Chinese mainland and other parts of Asia, holds a significant position as a global hub for capital markets, financial markets and innovation.
ALSO READ: HKEX's superconnector role reemerges
He noted that Asia’s economic growth this year is expected to be around 4.6 percent, contributing 52 percent to global economic growth.
Chief Executive John Lee Ka-chiu delivers a speech during the Future Investment Initiative PRIORITY Summit in Hong Kong on Dec 7, 2023. (PHOTO / HKSAR GOVERNMENT)
“And 43 percent of startup financing, 51 percent of technology expenditures, along with 88 percent of patent applications all originate from Asia. China hosts 26 percent of the world’s unicorns,” he said.
Saudi Arabia’s vision 2030 aims to diversify the nation’s economy beyond mere dependence on energy, the governor added.
Hong Kong is the first Asian city to host the conference. Yasir Al-Rumayyan, governor of the Public Investment Fund of Saudi Arabia, said this was because the city, with its geographical proximity to the Chinese mainland and other parts of Asia, holds a significant position as a global hub for capital markets, financial markets and innovation
The conference was last held in Miami in March; prior to that, it was held once in New York and once in London, in September and May last year respectively.
Hong Kong Financial Secretary Paul Chan Mo-po also attended the Hong Kong edition of the event.
Hong Kong is seeking to strengthen business and financial ties with the Middle East to hedge geopolitical risks. Saudi Arabia and the United Arab Emirates were the first stops on Lee’s overseas trip earlier this year, during which he inked a total of 13 memorandums and agreements, covering fields like innovation technology, transportation and energy.
Last month, the Hong Kong Stock Exchange witnessed the debut of the CSOP Saudi Arabia ETF — Asia’s first exchange-traded fund tracking Saudi Arabian shares — marking the largest of its type to trade in the international financial hub this year.
READ MORE: World's largest Saudi ETF listing lifts HK's role in capital flows
The SAR government entered into negotiations on investment protection and promotion with Saudi Arabia in February.
