Since China launched the Belt & Road Initiative in 2013, all the effort and work over the past decade has borne fruit. Looking ahead, given the huge potential of emerging markets such as the Middle East and ASEAN, the business community and the professional services sector should reach out and seek opportunities in these regions.

In the 2023 Policy Address, the SAR Government highlighted the importance of expanding Hong Kong’s global economic and trade networks as well as promoting regional cooperation. While maintaining close ties with European and American markets, the Government is also expanding its reach to B&R markets including in ASEAN, the Middle East, Central Asia and Africa. 

In fact, the current Government has organized business missions to various countries in the Middle East and ASEAN for exchanges with major enterprises there. On a trip to the Middle East led by Chief Executive John Lee, a total of 13 Memorandums of Understanding and letters of intent were signed. There were also discussions on cooperation in areas such as finance, technology, green economy and sustainability. 

With the Government taking the lead in such outreach initiatives, I have visited the Middle East several times since then. Last November, I attended the 28^th United Nations Climate Change Conference in Dubai, along with representatives of companies as well as youth leaders, to explore the role of Hong Kong and the Greater Bay Area in the development of green and sustainable finance, innovation and technology.

Indeed, as society returns to normalcy post-pandemic, international exchanges have also resumed. As such, countries around the world have refocused their attention on issues concerning the global environment, climate change and sustainable development.

According to the Hong Kong Monetary Authority, the value of green bonds and green loans issued in Hong Kong surged from US$11 billion to more than US$80 billion over the past two years, underscoring the great growth potential of green finance.

As an international financial centre, Hong Kong can serve as a green financing platform by offering services such as blockchain technology, fintech and green bonds. By doing so, we can play our part in contributing to the global effort to achieve carbon neutrality and create a sustainable future.

With Saudi Arabia’s Future Investment Initiative (FII) Institute holding its inaugural Asia FII PRIORITY Summit in Hong Kong last month, and the Hong Kong Trade Development Council hosting the Asian Financial Forum this month, the Government is working to help businesses access the Middle East market. In view of the promising prospects that the Belt & Road offers, I hope the business community will proactively explore opportunities in these emerging markets and make big strides.

Jeffrey Lam
[email protected]