Egypt and HK can forge a sustainable green economic future

As a financial hub, Hong Kong is a leader and catalyst for remarkable FinTech growth in the region, attracting talent, funds, tech, finance and energy companies to the pursuit of renewable, clean, green and new energy projects and innovations.

AALCO is actively strengthening the business and legal environment in Asia and Africa, empowering FinTech firms and innovative talents from Egypt and here to collaborate and address global warming.

Taking advantage of "one country, two systems," many FinTech start-ups have taken root, leveraging our excellent tech infrastructure, international talent pool and transparent and robust regulatory environment to continually introduce disruptive financial technology applications and unleash "new quality productive forces."

Hong Kong has placed strong emphasis on the integration of FinTech and renewable energy. It is accelerating the transition to a greener economy and, with policy support, countless such start-ups dedicated to developing green solutions have emerged, infusing new momentum into our race toward carbon neutrality. The policies encourage businesses to invest in green technologies and develop clean energy.

To achieve its "dual carbon" targets, China has been supporting the development of clean and new energy to unleash the full potential of "new quality productive forces." The amount of wind and solar power generated in China is double that of the rest of the world.

Egypt, with its high sunshine duration, has a huge advantage in solar energy.

It has signed a memorandum with a Chinese firm this year to develop a 10-gigawatt solar energy project.

In support of the national hydrogen plan, a medium and long-term plan for development of the hydrogen energy industry (2021-2035), the gas is also a key focus for growth in Hong Kong.

In 2022, we set up an interdepartmental working group on using hydrogen as fuel, composed of over 10 policy bureaus and professional departments.

The Environment and Ecology Bureau has also released a paper on "The Strategy of Hydrogen Development in Hong Kong" in June to encourage local adoption.

With the development of "new quality productive forces" a critical focus, opportunities in green energy includedouble-decker buses driven by hydrogen fuel cells and hydrogen-fueled mobile machinery.

Egypt has also made strong strides in the hydrogen economy. It reportedly plans to invest US$60 billion (HK$468 billion) in green hydrogen and ammonia projects, giving it the potential to become one of the world's largest suppliers by 2040.

Hong Kong is actively collaborating with countries like Egypt to codevelop green economy standards and safeguard the interests of developing nations.

With a favorable innovation ecosystem and policy support, it is the destination of choice for tech talent from many parts of Asia and the world.

Official data shows tech talent numbers have been growing rapidly in recent years.

Locally, Hong Kong is making efforts to nurture homegrown tech talent through educational reforms and vocational training to continuously expand the talent pool.

By utilizing FinTech tools, it is introducing diverse investment and financing products to channel more capital toward hydrogen technology R&D and industrial applications, helping to further entrench Hong Kong as a green energy hub.

In line with this growth, it is committed to attracting top global talent.

It can collaborate with Egypt and other countries in Asia and Africa to strengthen Hong Kong as the regional talent hub.

Every year, our universities admit more than 2,500 students from countries actively engaged in the Belt and Road Initiative.

Notably, the government also provided 150 scholarships last year for them, including many Egyptians, to pursue studies and develop skills here to become future GreenTech leaders. The number of scholarships is expected to further increase.

Egypt is a tech talent powerhouse in the Middle East and north African region.

It has more than 500,000 university graduates every year, a significant portion of whom are focused on the tech field.

Through active collaboration with other countries in Asia and Africa, Hong Kong can fortify its position as the leading regional talent hub.

AALCO Hong Kong Regional Arbitration Centre is well placed to support the promotion and expansion of the FinTech sector and talent development.

It will offer training programs in dispute resolution for individuals aspiring to become professionalarbitrators for carbon trading disputes.

Hong Kong will continue to grow FinTech to lead the green energy revolution, attract top global innovative talent, and become the innovation hub connecting the Middle East, Africa and the Asia-Pacific, injecting strong momentum into regional and Global South development.

In collaboration with the SAR administration and enterprises, the center shall be a facilitator and problem solver for talent looking to start businesses and seek employment in Hong Kong, allowing their innovative energy to flourish on this fertile ground and infuse new dynamism into global tech innovation.

With the gravitational pull of top talent, favorable policies and advanced tech, Hong Kong is steering itself toward a brighter, sustainable tomorrow!