John Lee, “Memorandum of understanding ‘marks another significant milestone in the collaboration between the two sides under the Belt and Road Initiative.”
Hong Kong and Saudi Arabia have signed a memorandum of understanding (MOU) to enhance infrastructure information exchange and facilitate market access for the city’s professional services.
In the presence of Chief Executive John Lee Ka-chiu and Saudi Investment Minister Khalid Al-Falih, the agreement was signed on Friday by Commissioner for Belt and Road Nicholas Ho Lik-chi and Assistant Deputy for the Saudi Services Sector Fahad Alhashem.
“This MOU marks another significant milestone in the collaboration between the two sides under the Belt and Road Initiative, especially as it is the first of its kind signed between Hong Kong and an overseas economy in this area of cooperation,” Lee said.
“Our professional services … can contribute significantly to the development of signature projects in Saudi Arabia and beyond. I am confident that this MOU will further strengthen the bilateral ties between the two economies.”
Under the agreement, Saudi Arabia’s investment ministry will share details of infrastructure and construction projects with Hong Kong and help resolve any challenges faced by city-based companies seeking access to the kingdom’s market.
The Belt and Road Initiative Office will provide Saudi Arabia with information on Hong Kong’s professional services, with the goal of leveraging each other’s platforms for investment promotion, tendering, and fundraising.
Hong Kong and Saudi Arabia are currently negotiating an agreement on investment promotion and protection, aimed at boosting investor confidence and enhancing bilateral investment flows.
The city has been actively strengthening ties with the Middle East to attract new investment. In May, a delegation led by Chief Executive John Lee signed 35 memorandums of understanding and cooperation agreements with Qatar, covering areas such as investment, innovation, and technology. The visit also secured 30-day visa-free access to Qatar for Hong Kong residents.