Hong Kong finance minister discusses deeper cooperation with Saudi counterpart in Davos, calls on Arab firms to expand into Asian markets

Name: Hong Kong finance minister discusses deeper economic cooperation with Saudi counterpart at Davos
Uploaded: 2024-01-16T06:47:39.000Z
Description: Hong Kong finance minister discusses deeper economic cooperation with Saudi counterpart at Davos

Paul Chan praises ‘encouraging progress’ in cooperation with Saudi Arabia in Davos, looks forward to boosting business ties

He calls on overseas stablecoin, AI companies to consider Hong Kong as gateway to Asian markets

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Hong Kong finance chief Paul Chan (second left) and Saudi finance minister Mohammed al-Jadaan (right) meet at Davos in Switzerland. Photo: ISD

Natalie Wong

Published: 2:47pm, 16 Jan 2024Updated: 5:14pm, 16 Jan 2024

Hong Kong’s finance minister has discussed deeper cooperation with his Saudi counterpart during a high-profile summit in Switzerland, while calling on Arab firms to use the city to expand into mainland China and other Asian markets.

On the first day of the World Economic Forum’s annual meeting in Davos, Financial Secretary Paul Chan Mo-po also met Nigerian Vice-President Kashim Shettima, an American stablecoin issuer and an Israeli artificial intelligence (AI) unicorn.

The city government on Tuesday said that during the meeting with Saudi Arabia’s finance minister Mohammed al-Jadaan, Chan hailed the “encouraging progress” in expanding cooperation over the past two years and looked forward to boosting bilateral financial and business ties.

Hong Kong finance chief Paul Chan (right) meets Nigerian Vice-President Kashim Shettima during the World Economic Forum annual meeting in Switzerland. Photo: ISD

“Chan emphasised that Hong Kong, with its unique advantages under ‘one country, two systems’, serves as an international financial centre connecting the mainland and the world,” a government spokesman said, referring to the city’s governing principle.

“He welcomed Saudi Arabia’s capital and enterprises to utilise Hong Kong as a high-quality platform to expand into the mainland and the Asian markets.”

Hong Kong authorities have been keen on tapping into wealthy Middle Eastern markets. The Saudi Exchange was recognised by the Hong Kong stock exchange, allowing potential secondary listings in the city. A new exchange-traded fund (ETF) tracking Saudi equities was also listed in the city.

Hong Kong finance minister discusses deeper economic cooperation with Saudi counterpart at Davos

As political and business leaders gathered in Davos for the annual event, the city government said Chan, accompanied by Secretary for Commerce and Economic Development Algernon Yau Ying-wah, aimed to explain the latest developments in Hong Kong and promote its new advantages and opportunities.