Hong Kong to lead business delegation to Saudi Arabia, open new trade office in Malaysia

Financial Secretary Paul Chan Mo-po said that he will lead a Hong Kong business delegation to Saudi Arabia later this month, featuring companies from artificial intelligence, biotechnology, fintech, and green energy sectors from both Hong Kong and mainland China. 

Speaking at the Hong Kong General Chamber of Commerce forum, he said the delegation aims to strengthen economic ties with the Middle East while promoting Hong Kong as a gateway for Islamic markets.

Chan revealed that the city will also open a new economic and trade office in Kuala Lumpur, Malaysia by year-end, and will host the Saudi LEAP Innovation Conference in July - marking the first time the event will be held outside the Middle East.

Chan highlighted growing economic connections between China and Islamic Cooperation Organization countries, noting that mainland China's exports to OIC nations have surged over 80 percent in the past decade to US$600 billion (HK$4.68 trillion), while imports from these countries have increased 60 percent to US$450 billion.