A business delegation jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), led by Financial Secretary Paul Chan, visited Riyadh, Saudi Arabia, from 27 to 31 October.
The delegation attended the Future Investment Initiative (FII) Summit and held meetings with senior government officials and business leaders to explore collaboration between Hong Kong and Saudi Arabia in areas such as innovation and technology (I&T), smart cities, AI, fintech, and biotechnology.
The visit supported Saudi Arabia’s Vision 2030, which aims to diversify the economy and attract private sector investment.
Saudi Arabia, the Middle East’s largest economy with a GDP of US$1.084 trillion in 2024, is Hong Kong’s fourth-largest trading partner and third-largest export market in the region.
Vision 2030 seeks to reduce the country’s dependence on oil and develop sectors including infrastructure, tourism, and green energy.
The delegation of around 40 representatives from Hong Kong and mainland enterprises based in the city aimed to strengthen business ties, enhance understanding of the Middle East market, and highlight Hong Kong’s role as a connector between international and Chinese enterprises.
During the FII Summit, Financial Secretary Paul Chan shared Hong Kong’s experience in promoting public–private partnership models.
He said the HKSAR Government is accelerating the development of the Northern Metropolis as a new driver for economic diversification, a hub for I&T industries, and a source of quality employment.
In addition to the summit, the delegation met with local organisations including Saudi Awwal Bank, Saudi National Bank, the Riyadh Chamber of Commerce and Industry, and the Saudi Chinese Business Council.
They also visited key development projects such as Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city, and The Garage technology park.
A Hong Kong-Saudi Arabia Business Dinner provided a platform for direct engagement between Saudi enterprises and the delegation.
Several memoranda of understanding and cooperation agreements were signed, covering smart mobility, green energy, AI, robotics, and digital transformation.
Anna Cheung, Assistant Executive Director of the HKTDC, said:
“The HKTDC is honoured to co-organise this mission with the HKSAR Government. Led by the Financial Secretary, this visit has helped Hong Kong and mainland enterprises explore new business opportunities and strengthen Hong Kong-Saudi economic ties.”
She added that the HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions, and business matching activities, and looks forward to more Saudi enterprises using Hong Kong as a gateway to the Chinese mainland and the wider Asian market.
Featured image credit: HKTDC
This article first appeared on Fintech News Hong Kong
