Hong Kong's robust financial ecosystem contributes to Belt and Road Initiative (with photos)
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Delivering his opening remarks at the thematic session "Hong Kong: Capital Raising Hub for ASEAN, Middle East and Beyond" of the first Finance Chapter of the Belt and Road Summit today, Mr Hui illustrated Hong Kong's strengths in infrastructure financing. "As infrastructure development gains momentum within the Belt and Road region, enterprises can turn to Hong Kong for diverse avenues of capital raising and financing. Hong Kong, renowned as Asia's leading bond market, offers a range of options such as initial public offerings, post-listing arrangements, bond issuance, and bank loans," he noted.
According to the International Capital Market Association, in terms of bonds issued internationally by Asia-based entities, the volume arranged by Hong Kong ranked first globally for seven consecutive years since 2016, exceeding US$100 billion and capturing 30 per cent of the market in 2022.
Mr Hui added that Hong Kong, as a premier asset and wealth management centre, is endeavouring to attract corporations in the Belt and Road countries and regions to set up corporate treasury centres, by making effort in diversification of fund structure. This includes the Open-ended Fund Company and Limited Partnership Fund regimes, and provision of re-domiciliation mechanism for foreign funds to migrate to Hong Kong.
On the pivotal role of Middle East and Association of Southeast Asian Nations within the Belt and Road Initiative, Mr Hui said the regions present numerous opportunities for collaboration and growth. He noted that Hong Kong stands ready to provide one-stop solutions with its world-class financial infrastructure and professional services for countries and regions along the Belt and Road to attract international capital to support project developments.
Mr Hui also cited the Memorandum of Understanding (MoU) that was signed yesterday between Hong Kong, China and the Emirate of Dubai, which reaffirms the commitment of the two places on strengthening the broader relationship and co-operation, and facilitates the mutual sustainable development of the financial services industries. The MOU will help facilitate policy communication, knowledge exchange and identification of co-operation opportunities in the key areas of financial services industry between the two places, including but not limited to family offices, fintech, virtual asset, green and sustainable finance.
In the Belt and Road Summit yesterday (September 13), Mr Hui chaired the "Policy Dialogue: Tapping into the Potential of the Middle East", during which the speakers shared their insights into the factors driving the region's rise as international hubs, and how the world can harness the Middle East's potential. Speakers of the panel were the Advisor in the General Secretariat of the Council of Ministers, Saudi Arabia, Mr Fahd bin Abdulmohsan Al-Rasheed; the Minister of Economy of the United Arab Emirates, Mr Abdulla Bin Touq Al Marri; and the Minister, Ministry of International Cooperation, Egypt, Dr Rania A Al-Mashat.
On the sidelines of the Summit yesterday, Mr Hui met with the Chief Executive Officer of the General Authority for Investment and Free Zones of Egypt, Mr Hossam Heiba. They discussed the co-operation potential and the opportunities brought about by the Belt and Road Initiative during the meeting.
Ends/Thursday, September 14, 2023
Issued at HKT 18:35
Issued at HKT 18:35
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