The Hong Kong Trade Development Council is launching a week-long trade mission to the Middle East in response to the reopening of the Hong Kong border.
During the mission, 13 MoUs were signed, signaling vast new opportunities for cooperation between Hong Kong and Middle Eastern companies, focusing on finance, business, technology and transportation.
More than 30 business leaders from finance, economics, technology and professional services joined the mission in the Middle East.
By showing how good things are in Hong Kong, the mission showed how strong the city’s economy and commerce are, making it a leading business and investment hub in Asia. The mission also deepened cultural exchanges between Hong Kong and the United Arab Emirates, which helped attract investment and business to Hong Kong.
The Hong Kong delegation met with government officials, local chambers of commerce, including the China Saudi Business Council, and the Abu Dhabi Chamber of Commerce, the latter of which also announced the establishment of Hong Kong.
The HKTDC chief said the Middle East is important to the global economy and supports the Belt and Road Initiative. As Hong Kong reopens to the world, they have lost. There is no time to organize a Hong Kong business group in the Middle East led by the CEO and three key officials. Kong-Macau Greater Bay Area (GBA) called on companies from Saudi Arabia and the United Arab Emirates to take advantage of Hong Kong’s business and investment opportunities.
Stocks in Asia-Pacific opportunities
Asia-Pacific stocks were mostly lower as investors awaited the release of key economic data, including the US Consumer Price Index.
He Hang Seng Index fell fractionally in Hong Kong, while the Hang Seng Technology Index rose 0.54%. In China, the Shanghai Composite rose 0.723% to 3,284.15, while the shenzhen compound rose 1.15% to 12,123.6.
The country’s Ministry of Trade and Industry kept its 2023 GDP forecast between 0.53% and 2.51%, saying growth prospects for Singapore’s aviation and tourism-related sectors have risen.
The recovery of international air travel and inbound tourism is expected to accelerate.
On the other hand, the growth prospects of other outward-oriented sectors remain at risk.
Chinese tech giants Baidu, Alibaba and NetEase are joining Microsoft and Google in developing chatbots like ChatGPT, but analysts said it will take some time for China’s artificial intelligence technology to catch up.
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