New HK-Riyadh flights highlight Saudi Arabia’s highly strategic geographical location: Paul Chan

Hong Kong finance chief Paul Chan Mo-po said the resumption of direct flights between the SAR and Saudi Arabia underscores the strategic importance of Saudi Arabia's geographical location at the convergence of three continents. 

Hong Kong’s flagship carrier, Cathay Pacific,  resumed direct passenger flights between Hong Kong and Riyadh, the capital of Saudi Arabia, on Monday. Financial Secretary Paul Chan Mo-po was on the first flight, leading a delegation to Saudi Arabia.

Read more: Cathay Pacific resumes first flight to Riyadh

Addressing an event in Riyadh, Chan said the resumption of flights will enhance economic, cultural, and commercial exchanges between Saudi Arabia and China, including Hong Kong.

He also mentioned that during the delegation's three-day visit to Riyadh, they will meet with businesses, financial institutions, and technology companies, emphasizing that Hong Kong's clear objective is to further develop its connections with Saudi Arabia.

Meanwhile, Chan, along with the delegation, attended the first day of the 8th edition of the Future Investment Initiative. Chan was one of the speakers in the panel discussion titled "Is the Global South Now the Engine of Growth?", with the session focusing on how the Global South could promote economic innovation, build resilience, and maintain growth while addressing the complexities of the international environment and the challenges of climate change.

Chan said during the discussion that Hong Kong as an international financial center is actively promoting the development of green finance and green technology, and that Hong Kong could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitized loans.

In response to a question, Chan mentioned that Hong Kong is collaborating with multiple central banks to launch the Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements. He also pointed out that digitalization and green transformation will be significant trends for the future development of the Global South, and investing in suitable projects in these areas will yield long-term returns. 

Furthermore, the development of fintech will help make financial services more accessible and inclusive, facilitating leapfrog development for developing countries, he said, adding that Hong Kong can contribute to the Global South in these areas.