The recently concluded Eighth Belt & Road Summit was one of the largest iterations yet, attracting over 6,000 government officials, business leaders, entrepreneurs and start-ups from 70 countries and regions along the Belt & Road. This time, the annual symposium featured a brand new section dedicated to the Middle East, drawing top experts and speakers as well as a range of investment projects from the region.
Held on 13-14 September and organized by the HKSAR Government and the Hong Kong Trade Development Council (HKTDC) under the theme “Prospering on a Decade of Collaboration,” the summit also commemorated the 10th anniversary of China’s Belt & Road Initiative (BRI). As home to new markets seeking investment and expertise, the BRI gives businesses deeper access to the Mainland, South-east Asia and the Middle East. For developing and emerging economies in these regions, the resulting investments serve to accelerate development across traditional industries and emerging sectors.
The summit’s success comes on the back of Chief Executive John Lee’s tours of the Middle East and Southeast Asia earlier this year, as Hong Kong seeks to reduce dependence on Western markets and build new links with emerging economies.
Addressing the event’s opening session, Lee noted that the number of foreign ministers attending, and the number of MoUs signed were bigger than that of any previous edition. “These record-breaking numbers are compelling confirmation that Hong Kong has returned to the world's centre stage,” he said, adding that Hong Kong was a Belt & Road “Super Highway.”
ASEAN Secretary-General Kao Kim Hourn, Aset Irgaliyev, Chairman of Kazakhstan’s Agency for Strategic Planning and Reforms, as well as Rizal Affandi Lukman, Senior and Special Staff to the Coordinating Minister for Economic Affairs of Indonesia, also gave keynote speeches.
An International Platform
A total of 21 MoUs were signed between government bodies and companies from Hong Kong, the Mainland and ASEAN members such as Malaysia, Vietnam, Indonesia, Thailand. The agreements covered areas including renewable construction resources, sustainable energy, R&D, infrastructure, logistics and more. MoUs were also inked with Bahrain, Saudi Arabia and the United Arab Emirates to strengthen Hong Kong-Middle East ties.
“The 10-year milestone of the Belt & Road Initiative coincides with Hong Kong’s drive for economic recovery in the post-pandemic era,” stated Chamber Chairman Betty Yuen. “With multilateral cooperation extremely important at this juncture, the summit has served as an important conduit for new connections with emerging markets, while cementing Hong Kong’s status as a strategic super-connector.”
Edmond Yue, Convenor of the Chamber’s Belt & Road Working Group, said Hong Kong’s position as a gateway between the Mainland, Greater Bay Area (GBA) and the rest of the world is crucial to the BRI.
“Hong Kong’s role as a super-connector and gateway to the GBA is vitally significant for the region, the Mainland and Hong Kong itself,” said Yue. “Hong Kong needs to consolidate its status as an international financial, trade and shipping centre and to strengthen its role as a global tech hub, deepen ties, and break new grounds with the GBA to seek mutually beneficial cooperation from the ever-developing Mainland economy.”
Debut Middle East Forum
For the first time, the summit featured a forum dedicated to the Middle East, which focused on opportunities for collaboration in the region. In a session titled “Business and Investment Outlook in the Middle East Market,” hosted by Ronnie C. Chan, Chairman of Hang Lung Properties Limited, guests including Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing Limited, and Hossam Heiba, President of the General Authority for Investment & Free Zones, discussed the various prospects of the Middle East market.
UAE Economy Minister Abdulla bin Touq Al Marri and Rania Al-Mashat, Egypt’s International Cooperation Minister, took part in the first policy dialogue, titled “Tapping into the Potential of the Middle East” and hosted by Christopher Hui, Secretary for Financial Services and the Treasury.
“Egypt and Mainland China have cooperated on trade infrastructure for a long time,” said Al-Mashat, adding that China had invested extensively in port and industrial-park infrastructure in the Suez Canal Economic Zone, including in manufacturing and technology projects. “There is a fundamental overhaul in sustainable infrastructure and the global value chain, with developments in such areas as bunkering and logistics,” she said.
Al Marri said the UAE wanted to switch from a linear to a circular economy, continually recycling resources. One scheme the country was working on was “Fry to Fly,” where an industrial plant converted used cooking oil into aviation fuel. Like Hong Kong, both tourism and aviation were vital for the UAE, said Al Marri, adding that each sector accounted for 14% of the UAE's GDP.
“The Chamber has allocated a new area of focus at the geographic committee level to seek comprehensive business interests and opportunities in countries in the Middle East,” said Yue. “This course of action coincides with the summit’s emphasis on the Arab world, including countries such as Saudi Arabia and Iran, as well as Islamic nations among the 30 countries along the Belt & Road.”
Catalyst for Cooperation
The second policy dialogue, “Belt & Road Initiative as a Catalyst for Regional Cooperation and Development,” was hosted by Algernon Yau, Secretary for Commerce and Economic Development. Focusing on market integration and connectivity among economies, it featured top officials from ASEAN and Europe including Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, and Datuk Mohamad Alamin, Malaysia’s Deputy Minister of Foreign Affairs.
The business plenary, “Fostering Business Collaboration along the Belt & Road through Hong Kong,” led by Antony Leung, Chairman of the Nan Fung Group and Group Chairman and Co-founder of New Frontier Group, offered a detailed look at how growth momentum in the Guangdong-Hong Kong-Macao-GBA could propel BRI development. Guest speakers included Jeffrey Cheah, Founder and Chairman of Sunway Group; Jean-Pascal Tricoire, Chairman of Schneider Electric; and Wang Haihuai, Director and General Manager of China Communications Construction Company Limited.
Encouraging Future Leaders
During the Youth Chapter, young business leaders and start-up founders came together to discuss Belt & Road opportunities. It was attended by around 150 awardees of the Belt & Road Scholarship, Youth Development Commission (YDC) Youth Ambassadors, and university graduates.
Thematic Break-out Sessions
The summit also included several independent seminars on topics from green finance to innovative technology. These were held in collaboration with the Department of Justice, Development Bureau, Financial Services Development Council, Insurance Authority, Hong Kong Monetary Authority, Hong Kong Science and Technology Parks Corporation and Cyberport.