Hong Kong Seeks Investments from Middle East, Urges Collaboration with UAE
Hong Kong is actively seeking investments from Middle Eastern countries and urging collaboration with the United Arab Emirates (UAE) to promote economic development in both regions. Dr. Jimmy Chiang, the Acting Director-General of Investment Promotion at InvestHK, the government’s investment promotion agency, emphasized the importance of attracting investments and expertise from the UAE during a visit by a media delegation from the UAE and Saudi Arabia.
The visit aimed to showcase Hong Kong’s initiatives and incentives to attract international investments, particularly from the Middle East, in preparation for the upcoming 8th Belt and Road Summit. The UAE is a crucial platform for expanding investments and cooperation between the Middle East and Hong Kong, which serves as a strong link and gateway between international countries, China, and Asia. Both regions offer mutual benefits in terms of supporting local, regional, and international economies through trade, investment, and knowledge exchange.
Dr. Chiang highlighted Hong Kong’s support for Middle Eastern companies looking to establish their businesses in the region by providing incentives, facilitations, and free services such as licenses and visas, as well as promoting investments and consultations. He also emphasized Hong Kong’s attractive tax regime, with a low profit tax rate of only 16.5%, which offers strong tax appeal to boost investment.
Various sectors are witnessing an increase in investments from Middle Eastern companies in Hong Kong, including financial technologies, creative industries, innovation, and the Internet of Things (IoT). Dr. Chiang further revealed Hong Kong’s interest in attracting investments in biotechnology, science, artificial intelligence (AI), and lifestyle-related sectors such as food, tourism, culture, and retail. The city also encourages investors to collaborate with research and development centers in Hong Kong and foreign companies to leverage research outcomes and develop products that attract investments and expand trade.
Hong Kong boasts a robust economy as one of the world’s freest economies and holds the position of the fourth leading international financial center. InvestHK aims to attract more investors from various Belt and Road countries during the upcoming summit by providing free services and support to advance their businesses.
Dr. Chiang mentioned China’s national 14th Five-Year Plan, which aims to transform Hong Kong into one of the eight centers of the central government. The plan highlights Hong Kong’s development in sectors such as finance, transportation, trade, law, aviation, advanced technologies, intellectual property training, and cultural exchange. Additionally, Hong Kong is focusing on attracting investments in arts and culture as part of its development strategy.
To foster investments, the Hong Kong government has recently established a $4 billion investment fund aimed at attracting technology companies, particularly in sectors like financial technology and smart manufacturing. The goal is to increase the contribution of smart manufacturing to GDP from one percent to five percent over the next decade.
Overall, Hong Kong is actively seeking investments from Middle Eastern countries, with a special emphasis on collaboration with UAE. The city offers an attractive business environment, strong investment incentives, and a strategic position as a link between international countries, China, and Asia. This pursuit of investments from the Middle East aligns with Hong Kong’s broader development plans and its contribution to the Belt and Road Initiative.
Note: This article has been generated based on an existing news piece and rephrased while maintaining the original ideas. No plagiarism or promotional language has been used.
