Chief Executive John Lee on Tuesday described Hong Kong as a one-stop shop for providing services to Belt and Road ventures, as he began a visit to the United Arab Emirates to promote the SAR.

Lee told a business forum in the country's capital Abu Dhabi that the UAE-Hong Kong Investment Promotion and Protection Agreement, which went into force nearly three years ago, has taken the relationship between the two places to the next level.

The CE said the two economies are strong and longstanding business partners, noting that around 9.5 percent of the trade between mainland China and the UAE was routed through Hong Kong in 2021.

"It goes to show that the UAE is a key link in our country's Belt and Road Initiative... and that Hong Kong is an important platform connecting the country with the vast opportunities in the Middle East region," he said.

Lee noted that Hong Kong can support the UAE's ventures in the Belt and Road initiative not only as an international financial centre, but also as a service hub.

"Alongside capital, our professional services are world class. From feasibility studies and project management, to architectural and engineering design, risk management, legal services and more, Hong Kong is your one-stop Belt and Road centre for professional services."

Lee added that the two governments have agreed to look into signing a memorandum of understanding on green and sustainable finance cooperation.

The Hong Kong leader had arrived in the UAE from Saudi Arabia, the first leg of his week-long overseas trip.

Separately, the representative of a major chamber of commerce in the United Arab Emirates says Hong Kong expertise in professional services is very much needed for industries like artificial intelligence and finance in the country.

Si Junjie, Dubai Chamber’s chief representative in China, said there was also room for the two cities to cooperate as financial centres. He said more and more Hong Kong companies had come to Dubai in recent years as, since late 2020, the economy had become more open to fully-owned foreign firms.

Meanwhile Shaojin Chai, a professor of international relations at the University of Sharjah in the UAE, said businesses with backgrounds in both mainland China and Hong Kong were very welcome, although he said the need to hire local staff might add to costs, at least until the company had become established.

He also said the UAE, which had now opened many sectors to foreign investment, might also use the SAR as a springboard into the mainland.
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Last updated: 2023-02-08 HKT 08:31