Kuwait and Qatar are both members of the Cooperation Council for the Arab States of the Gulf. From 2018 to 2024, bilateral trade between Hong Kong and the two countries grew by approximately 40%. Under the Belt & Road Initiative, investments from Mainland China in Kuwait and Qatar have also increased significantly. From 2013 to 2023, the annual average growth rates reached 21.6% and 11.6%, respectively.
The Hong Kong Trade Development Council stated that Hong Kong can further provide financial and professional services to assist Mainland enterprises in entering the Gulf region.
The council’s Director of Research, Irina Fan, noted a strong demand from Mainland enterprises looking to expand overseas, adding that they are increasingly interested in Belt & Road-related markets.
According to their survey, 95% of Mainland companies would like to explore Belt & Road markets, many of which are smaller companies that lack international expertise and need assistance from Hong Kong.
The survey also reveals that 77% would like to come to Hong Kong for financial or professional services support to ensure success in the international market.
Ms Fan stated that this is why Hong Kong will play a crucial role in facilitating the shift of trade and investment diversity into the Belt & Road market, particularly in the Middle East.
The council also pointed out that both the Qatari and Kuwaiti governments aim to diversify their economies and incorporate elements of innovation and sustainable development. The current uncertain international trade and investment environment, together with geopolitical instability, has also prompted both countries to seek to strengthen investments in the Asian region, thereby presenting opportunities for Hong Kong.
