Saudi Arabia, Hong Kong Sign MoU
Saudi Arabia and Hong Kong‘s government, part of the People’s Republic of China, signed a memorandum of understanding yesterday. Khaled Al-Falih, Minister of Investment, attended the signing.
Aims of the Memorandum
The memorandum aims to boost direct investment between the two parties. It encourages both sides to share investment-related regulations and its developments.
The memorandum also seeks to strengthen cooperation between the two parties to organize exhibitions, workshops, and exchange visits and expertise. This is to enhance direct investment opportunities.
The signing occurred during a high-level Saudi delegation’s visit to China and Hong Kong. The Al-Falih-led delegation included government leaders and private sector.
Saudi, Chinese Negotiations
John Lee, Chief Executive of Hong Kong, said during 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.
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 for this mission.
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