The view of Hong Kong Photo: VCG

Hong Kong Special Administrative Region (HKSAR) Finance Secretary Paul Chan will lead a delegation from the finance, innovation and technology sectors to Saudi Arabia on Monday, a move that analysts say is expected deepen cooperation between the HKSAR and the Middle East. on multiple fronts and help further cement Hong Kong’s status as a global financial and trade hub.

The delegation includes more than 110 members, including heads or representatives of the Belt and Road Office, the Hong Kong Monetary Authority, the Securities and Futures Commission, Hong Kong Exchanges and Clearing Ltd and the Hong Kong Science and Technology Parks Corp, among others. , according to a press release published on the HKSAR government website.

“This visit not only represents a closer bond between the HKSAR and Saudi Arabia, but also marks a new step in deeper and more diverse collaboration between Hong Kong and the Middle East region,” Chan said on his blog Sunday.

The delegation will attend the listing ceremonies of the first two exchange-traded funds (ETFs) tracking Hong Kong stock indices on the Saudi Stock Exchange, which will debut in late October. Chan said attending the launch was one of the key activities of the visit, indicating that local investors “will be able to easily invest in the Hong Kong stock market by trading locally listed ETFs in a familiar trading and regulatory environment “.

The debut comes after Asia’s first and world’s largest ETF focused on Saudi Arabia went public on the Hong Kong Stock Exchange in November 2023.

Observers said they expect more bilateral financial products to be launched, promoting capital flows and attracting more capital from the Middle East to the Hong Kong market. They will also enrich the connotation of financial connectivity under the Belt and Road Initiative (BRI).

Liang Haiming, president of the Hong Kong-based China Silk Road iValley Research Institute, told the Global Times on Sunday that there is ample room for cooperation in a wide range of financial sectors, such as digital payments and blockchain technology, as well as the joint launch of green fintech products.

According to Chan, another goal of the visit is to accelerate and deepen cooperation in innovation and technology. Hong Kong Science and Technology Parks Corp will invite more than 20 technology start-ups to hold roadshows in Saudi Arabia during the visit.

As Saudi Arabia aims to diversify its economy in its Vision 2030, it is estimated that Hong Kong companies, given their advantage in scientific and technological know-how, will find new opportunities to ‘investment and will explore new markets in the Middle East, Liang said. said. He added that the visit would also enable the HKSAR to strengthen its international influence and consolidate its position as a global financial and trade center.

The HKSAR delegation will also attend the 8th edition of the Future Investment Initiative in Riyadh, during which Chan and members of the delegation will outline the unique role and functions of the HKSAR as a “super connector” and “super -added value”. They will also explain how Hong Kong can support the development of the Middle East and the Global South, and actively contribute to the development of the BRI.