An international mediation body to be inaugurated in Hong Kong will bring significant benefits and boost the city's appeal globally, Chief Executive John Lee said on Tuesday.

Lee said the decision to set up the International Organisation for Mediation in the territory reflected the central government's full backing for Hong Kong becoming a leading centre for international legal and dispute resolution services.

Foreign Minister Wang Yi is expected to arrive for Friday's signing ceremony of the convention on establishing the mediation body, alongside dignitaries from nearly 60 countries and 20 international organisations.

"It all shows that the central authorities fully support Hong Kong's efforts to establish an international legal and dispute resolution centre in the Asia-Pacific region," Lee said.

The chief executive said the mediation body will bring "various advantages" to the SAR.

"Through the [organisation], Hong Kong will see its role elevated in mediation. Hong Kong's international influence will be boosted," he said.

"The [organisation] will bring about various economic benefits, will create a large number of jobs, including mediators, interpreters and researchers. A number of international organisations, non-governmental organisations and academic agencies will be attracted to set up their offices in Hong Kong."

Lee also described the mediation body as a "high-level international organisation", which is on a par with the International Court of Justice and Permanent Court of Arbitration in The Hague.

The government earlier said the organisation's headquarters, at the site of the old Wan Chai Police Station, could open as soon as the end of the year.