Chief Executive John Lee met Qatar’s leaders and government officials and learnt about the latest developments of the country’s sovereign wealth fund on the first day of a visit to Qatar.
Leading a business delegation comprising representatives from Hong Kong and Mainland enterprises, Mr Lee in the morning, met respectively the Amir, head of state of Qatar Tamim bin Hamad Al Thani, Qatar Prime Minister & Minister of Foreign Affairs Mohammed bin Abdulrahman Al Thani and Minister of Communications & Information Technology Mohammed bin Ali bin Mohammed Al Mannai to exchange views on strengthening bilateral relations and economic co-operation between Hong Kong and Qatar.
The Chief Executive said that Qatar and Hong Kong are economic powerhouses in the Middle East and the Asia-Pacific region respectively. Noting that Qatar is Hong Kong’s third-largest trading partner in the Middle East with bilateral trade in goods worth US$1.6 billion last year, Mr Lee said that there is plenty of room for further growth in trade and business between the two places.
He also expressed his anticipation that during this visit, multiple memoranda of understanding and agreements will be made between Hong Kong and Qatar, covering various areas including trade and investment promotion, financial services, innovation and technology (I&T), and cultural tourism, with a view to further enhancing co-operation among the governments and institutions of the two places.
Mr Lee noted that Hong Kong, as a functional platform of the Belt & Road Initiative, is committed to deepening international exchanges and co-operation and leveraging its strengths as a “super connector” and “super value-adder” to facilitate and add value to government and business projects along the Belt & Road through the city’s world-class professional services.
He also said that the Qatar National Vision 2030 and the Belt & Road Initiative align in their values and aspirations for achieving high-quality development through all-round co-operation, embracing economic diversification and innovation, as well as fostering friendship and facilitating exchanges.
The Chief Executive supplemented that both Hong Kong and Qatar attach great importance to technological development and regard artificial intelligence as an engine of new economic development, and that he hoped Hong Kong and Qatar would enhance collaboration through joint research and exchanges, joint ventures, and cross-border investments to achieve mutual benefits.
In addition, Mr Lee visited the Qatar Investment Authority to learn about the development of Qatar’s financial sector. Established in 2005, the authority is Qatar’s sovereign wealth fund. It manages and grows Qatar’s financial assets, with an aim to diversify Qatar’s economic development and ensure the country’s long-term financial sustainability. Mr Lee received an in-depth briefing on the operation and investment strategies of the sovereign wealth fund, and explored with the authority the development and co-operation opportunities for both sides in finance and the economy.
In the afternoon, he attended a luncheon hosted by an international financial group, where he gained insights into the group’s analysis of Qatar’s banking and financial services industry, as well as its capital markets.
Pointing out that Hong Kong is an international financial centre now moving towards also becoming an international green finance hub, Mr Lee said that last year the total amount of green and sustainable debt issued in Hong Kong exceeded US$84 billion, with green and sustainable bonds accounting for approximately US$43 billion. It captured around 45% of the total Asian market, ranking first in the region for seven consecutive years. He highlighted that under the principle of “one country, two systems”, Hong Kong and Mainland enterprises complement each other’s strengths, and that Hong Kong would give full play to its bridging role in attracting international investments to China and “going global” with Mainland enterprises. He welcomed Qatari enterprises to leverage Hong Kong’s broad and deep capital markets, professional financial services and seamless connectivity with the Mainland market to raise international funds for their sustainable infrastructure projects.
Afterwards, Mr Lee led the delegation to visit Lusail City, the second-largest city in Qatar, to understand how the city integrates I&T with urban planning and infrastructure development. Lusail City is one of Qatar’s flagship smart cities, focusing on information and communication technology, with the aim of developing into a model for intelligent living, urban evolution and diverse cultural landscapes. He noted that Hong Kong, as the world’s third-largest financial centre, offers world-class professional services that can support Qatar’s investment needs, adding that Hong Kong and Qatar can explore co-operation and exchanges in areas such as sustainable urban development.
Next on the itinerary is a visit to the National Museum of Qatar to learn about the country’s history and cultural heritage as well as a dinner hosted by the Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the State of Qatar Cao Xiaolin.
The Chief Executive and his delegation will continue their visit to Qatar tomorrow by meeting local political and business leaders before departing for Kuwait.
