PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8
The following is issued on behalf of the Hong Kong Monetary Authority:
Discussions to anchor a joint US$1 billion fund to invest in companies with Hong Kong nexus expanding to Saudi Arabia to drive localisation of key industries, including manufacturing, renewables, fintech and healthcare
Collaboration marks significant milestone aligning with Saudi Vision 2030 and with Hong Kong's position as one of the world's leading financial hubs
PIF and the Hong Kong Monetary Authority (HKMA) today (October 31) signed a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of US$1 billion. The MoU was signed at the 8th edition of the Future Investment Initiative (FII) in Riyadh.
Under the MoU, the fund would explore investment in manufacturing, renewables, fintech and healthcare, supporting the localisation in Saudi Arabia of companies connected to Hong Kong and the Greater Bay Area. It would enable the creation of highly skilled local jobs and drive economic growth through fostering regional champions in the target sectors. It would reinforce Hong Kong's position as one of the world's leading financial hubs, leveraging its diverse talent pool, efficient financial infrastructure and deep liquidity.
The signing of this MoU is a new milestone and underlines the economic ties between two leading institutions – PIF and HKMA. The proposed new fund aligns with PIF's strategy of economic diversification and sustainability.
This partnership has the potential to drive shared prosperity by investing in industries that will shape future economies, combining HKMA's long-term investment expertise with PIF's strategy for the target sectors.
The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalise their businesses and have access to attractive investment opportunities in Saudi Arabia.
PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8 Source: HKSAR Government Press Releases
Reception held in Tokyo to promote Hong Kong film industry
The Cultural and Creative Industries Development Agency and the Hong Kong Film Development Council (HKFDC) hosted a Hong Kong Night reception in Tokyo, Japan, tonight (October 31) to promote the vibrancy of Hong Kong’s film industry. The reception was supported by the Hong Kong Economic and Trade Office (Tokyo).
The reception, which tied in with the Tokyo International Film Festival (TIFF) and the "Making Waves - Navigators of Hong Kong Cinema" film tour in Japan, was attended by some 300 guests from Hong Kong, Japan and the overseas film sector.
In his welcome remarks, the Chairman of the HKFDC, Dr Wilfred Wong, said he is delighted that five Hong Kong films have been selected for the TIFF, namely "Papa", "The Last Dance", "Montages of a Modern Motherhood", "Valley of the Shadow of Death", and "Twilight of the Warriors: Walled In". Additionally, Hong Kong actor Tony Leung has been appointed as President of the International Competition jury of the TIFF, with director Johnnie To serving as a jury member.
"I am thrilled that five Hong Kong films have been selected for screening at the Tokyo International Film Festival this year, with Tony Leung serving as President of the International Competition jury, and director Johnnie To as a jury member. It demonstrates that Hong Kong film industry players, from iconic figures to directors and actors of the younger generation, are full of talent and energy. With their creativity and passion, I hope they will shine further on the international stage," said Dr Wong.
Speaking at the reception, the Principal Hong Kong Economic and Trade Representative (Tokyo), Miss Winsome Au, said that in addition to the TIFF, a dedicated Hong Kong film festival, "Making Waves – Navigator of Hong Kong Cinema", presented by the Hong Kong International Film Festival Society will commence tomorrow (November 1) in Tokyo, followed by Osaka and Fukuoka in the latter part of November. In addition, a Hong Kong film poster and photo exhibition are also being held in these three cities.
"Hong Kong film aesthetics have a special place in movie fans' hearts. Our cityscape, our street scene, our sense of art, our setting, are uniquely Hong Kong. We wish to showcase cinematic excellence to Japanese audiences, encourage them to explore Hong Kong's unique East-meets-West culture, and come visit us in Hong Kong," she said.
At the reception, Dr Wong and Miss Au were joined by Assistant Commissioner for Commissioner for Cultural and Creative Industries and the Secretary-General of the Hong Kong Film Development Council, Mr Gary Mak, along with film talent from Hong Kong and overseas.
Reception held in Tokyo to promote Hong Kong film industry Source: HKSAR Government Press Releases
Reception held in Tokyo to promote Hong Kong film industry Source: HKSAR Government Press Releases
Reception held in Tokyo to promote Hong Kong film industry Source: HKSAR Government Press Releases
