The financial secretary said an annual financial forum this week includes a new discussion panel on how to cooperate with Gulf countries, as Hong Kong looks to grasp development opportunities with the Global South.

Paul Chan said the Asian Financial Forum - set to begin on Monday - will host some 3,600 policymakers and business leaders from more than 50 countries and regions, a scale similar to last year.

"The forum sets up a new chapter on the Gulf Cooperation Council, making new explorations on how to deepen financial cooperation between Hong Kong and the Middle East, while encouraging more bilateral capital flows," Chan wrote on his weekly blog.

He urged Hong Kong businesses to grasp the new development opportunities brought by the emerging markets. These include the Middle East, as well as nations from Asean and the Global South.

Chan also noted that the SAR serve as a platform for countries like Indonesia to raise funds for products such as catastrophe bonds, or infrastructure and green projects.

Last week, he led a 130-strong delegation to Jakarta to conduct business exchange and lure investment.

He said given the risks of disasters brought by climate change, companies can opt for Hong Kong's catastrophe bond products, raise funds through issuing bonds in different currencies, or establish trusts.

The minister added that Indonesian representatives also expressed keen interest in Hong Kong's innovation and technology sector.

Ten startups from the Hong Kong Science and Technology Park took part in dozens of business matching sessions, potentially reeling in over US$5 million of business, Chan revealed.