Hong Kong seeks deeper I&T ties with Saudi Arabia, Paul Chan says before Riyadh trip

Finance chief also says third-quarter figures for economy, to be released this week, ‘not that great’ even as he strikes optimistic tone

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The Hong Kong delegation’s trip to Riyadh is part of efforts to seek out emerging markets. Photo: Shutterstock

Published: 2:13pm, 27 Oct 2024Updated: 9:41pm, 27 Oct 2024

Hong Kong is seeking deeper ties with Saudi Arabia on the innovation and technology (I&T) front, the city’s finance chief has said ahead of a trip to the country to attend a high-level summit and witness the launch of two exchange-traded funds.

Financial Secretary Paul Chan Mo-po on Sunday also touched on economic figures for the third quarter, which will be announced this week, describing them as “not that great” even as he struck an optimistic tone for the future.

“You can see that the market has been more vibrant lately. In the future, we should have firm confidence in doing what we should do to boost the market, and attract more talent and capital,” he told a radio programme.

“Then Hong Kong’s future development will be more hopeful.”

On Monday, Chan will lead a delegation with about 110 members to Saudi capital Riyadh for three days as part of Hong Kong’s efforts to tap into emerging markets.

Chan said half of the delegation members were drawn from the I&T sector, including some representing start-ups, amid a push by the Gulf state to foster cooperation for economic projects.