KSA, China Negotiate Drafting Agreement on Investment
John Lee, Chief Executive of Hong Kong, said during a speech at an event that his country (China) is negotiating with Saudi Arabia about drafting an agreement to encourage and protect investment, as per Asharq Business.
Lee’s speech comes amid indications of an economic rapprochement between Hong Kong and the Kingdom. The most recent sign of this rapprochement was the launch of a traded investment fund that tracks Saudi stocks in Hong Kong.
This comes after John Lee’s visit to the Kingdom in February as part of a broader tour in the Middle East. He said he was looking forward to convince Saudi Aramco to list its shares in the Asian financial center.
However, there is competition for the oil giant’s listing between financial centers such as New York and London. But so far, there are no signs that work is underway to implement this dual listing.
Hong Kong’s efforts to strengthen its relationship with the Kingdom come within China’s efforts to strengthen its relationship with the Belt and Road countries. The Chinese President assigned Chief Executive of Hong Kong to do this.
On the sidelines of the event, Lee added that Hong Kong has come up with a new strategy for developing hydrogen, in an effort to benefit from energy for a sustainable future, according to Bloomberg.
Hydrogen: One of the Aspects of Cooperation
Hydrogen may be one of the aspects of future cooperation between the Kingdom and Hong Kong, as Saudi Arabia has a strategy to develop the hydrogen industry of all kinds. In addition, It has the largest green hydrogen factory in the world.
Last October, Saudi Arabia announced efforts to establish a corridor for locally produced green hydrogen, linking the Kingdom to the International Port of Amsterdam in the Netherlands.
This is part of many initiatives included in agreements and memorandums of understanding signed during the Saudi-European Investment Forum hosted by Riyadh.
The Saudi Public Investment Fund also signed a memorandum of understanding with the Japanese company JERA, with the aim of advancing cooperation between the two parties to explore opportunities for developing green hydrogen projects and its derivatives, as the Japanese company announced on its website.
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