Hong Kong's Financial Secretary Promotes Green Finance at Future Investment Initiative in Riyadh

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video)

​The Financial Secretary, Mr Paul Chan yesterday (October 29, Riyadh time) led a delegation from the financial and innovation sectors on a visit to Riyadh, Saudi Arabia.

Mr Chan, along with the delegation, attended the first day of the 8th edition of the Future Investment Initiative (FII). He was one of the speakers in the panel discussion titled "Is the Global South Now the Engine of Growth?". This session focused on how the Global South could promote economic innovation, build resilience, and maintain growth while addressing the complexities of the international environment and the challenges of climate change.

During the discussion, Mr Chan stated that as an international financial centre, Hong Kong is actively promoting the development of green finance and green technology. He emphasised that Hong Kong could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitised loans.

In response to a question, Mr Chan noted that a number of countries in the Global South are considering how to manage risks related to their trade and reserve currencies. Some are increasingly using their own currencies more for settlements. He mentioned that Hong Kong is collaborating with multiple central banks to launch the Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements. He also pointed out that digitalisation and green transformation will be significant trends for the future development of the Global South, and investing in suitable projects in these areas will yield long-term returns. Furthermore, the development of fintech will help make financial services more accessible and inclusive, facilitating leapfrog development for developing countries. Hong Kong can contribute to the Global South in these areas.

During the FII, Mr Chan witnessed, together with the Minister of Investment of Saudi Arabia, Mr Khalid Al-Falih, the signing of a strategic cooperation agreement between the Hong Kong Science and Technology Parks Corporation and Beta Lab, a venture capital firm focused on deep technology in Saudi Arabia. Both parties will share resources, recommend startups to each other, facilitate connections within their startup networks, and jointly engage in market promotion and events.

A number of delegation members also spoke at various sessions of the FII, promoting Hong Kong's unique advantages as a "super connector" and "super value-adder," and how it can connect the Mainland and global capital markets and investors in multiple ways.

In the evening, Mr Chan and the delegation members attended a reception hosted by the Cathay Pacific; as well as a reception organised by the Hang Seng Investment Management to celebrate the upcoming listing of its exchange-traded fund.

Mr Chan will continue his visit in Riyadh today (October 30, Riyadh time).

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video) Source: HKSAR Government Press Releases

Speech by FS at Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia (with photo/video)

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia today (October 29, Riyadh time):

Lavinia (Chief Customer and Commercial Officer of Cathay Pacific, Ms Lavinia Lau), ladies and gentlemen,

Good evening. I am delighted to be here, with you, tonight, just one day after the exhilarating inaugural flight of Cathay Pacific's relaunched Hong Kong to Riyadh service.

For that, for reconnecting Hong Kong and Saudi Arabia through this vital new route, and the huge potential it brings, I am grateful to Cathay Pacific. Your dedication to excellence in service is internationally recognised. And this flight resumption is a clear testament to Cathay's commitment to Hong Kong and our strategic development.

I can tell you that the high-powered delegation I've brought with me to Riyadh is equally exciting. They count more than 100 Hong Kong financial, business and entrepreneurial leaders, eager to connect with Saudi business. With you.

During our three-day stay here in Riyadh, we're meeting with business, finance and technology companies, with investors and government leaders, too. Our goal is clear: to expand ties with Saudi Arabia, building friendship and exploring the many mutually beneficial collaboration opportunities this renewed connection will surely create.

The new service, in short, marks a new chapter for the ever-growing ties between our two cities, our two regions.

It helps, and enormously, that Hong Kong is the global gateway to China. We are also part of China's "Air Silk Road" initiative, seeking to enhance connectivity, economic and trade cooperation, as well as cultural exchange with countries and regions along the Belt and Road.

Saudi Arabia sits at the crossroad between three continents. The resumption of flights underlines the strategic importance of the country's location, and will boost economic, cultural, business and people-to-people ties between Saudi Arabia and China, Hong Kong included; and all the more so, between the East and West.

With this reinstated service, I know the people of Hong Kong would be eager to dive into all sorts of adventures around different Saudi cities, your timeless culture, deserts, World Heritage sites and so much more. And, yes, Hong Kong also looks forward to welcoming you to Asia's world city, the East meets West centre of international cultural exchange. And good times, too.

Ladies and gentlemen, please join me now in a toast: to Cathay Pacific, to the continuing growth of Hong Kong-Saudi ties and to the promising future that awaits our two economies and peoples.

I know you will enjoy this very special evening.

Thank you.

Speech by FS at Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia (with photo/video) Source: HKSAR Government Press Releases