7th December 2023 – (Hong Kong) Today, Invest Hong Kong and the Ministry of Investment of Saudi Arabia (MISA) officially inked a Memorandum of Understanding (MoU), highlighting their commitment to bolstering cooperation in investment promotion and support.
The signing took place in the presence of Chief Executive Mr. John Lee and the Minister of Investment of Saudi Arabia, Mr. Khalid Al-Falih. The MoU was formalized by Ms. Alpha Lau, Director-General of Investment Promotion, and Mr. Ayidh Alyami, Associate Office Director-China of the MISA.
Mr. Lee underscored the significance of the agreement, referencing his past high-level delegation visit to the Middle East earlier in the year. During this visit, 13 high-quality MOUs or letters of intent were signed between Hong Kong and the enterprises and institutions of Saudi Arabia and the United Arab Emirates. This strategic move laid a robust foundation for the long-term development of Hong Kong businesses in the Middle East region, while also attracting Middle Eastern businesses and capital to invest in Hong Kong.
Emphasizing Hong Kong’s unique position as a ‘super connector’ and a ‘super value-adder’ globally, Mr. Lee expressed his optimism about the MoU, stating that it signifies a new milestone in investment promotion exchanges between Hong Kong and Saudi Arabia. He highlighted that under ‘one country, two systems’, Hong Kong enjoys distinctive advantages, being closely connected to the world as well as enjoying strong support from the motherland. Mr. Lee also underscored Hong Kong’s role as a vital investment hub in the Asia-Pacific region.
The MoU aims to strengthen the economic relations between the two regions, particularly in the realm of promoting direct investment. It is designed to encourage the exchange of visits and expertise, facilitate the organization of meetings and conferences, and promote the exchange of information related to business and investment climate.
In addition to the MoU, Hong Kong has initiated formal negotiations with Saudi Arabia on an Investment Promotion and Protection Agreement (IPPA). The IPPA aims to safeguard, enhance, and facilitate investment, bolstering investor confidence and fostering increased bilateral investment flows. These efforts are geared towards fostering closer economic relations between Hong Kong and its trade partners.