Paul Chan: HK actively developing as international green tech and finance hub

Paul Chan, the Financial Secretary of Hong Kong, concluded his visit to Riyadh, Saudi Arabia on Oct. 31, as part of a delegation.

During his speech at the Future Investment Initiative (FII), Chan highlighted the benefits brought about by the Belt and Road Initiative since its introduction by President Xi Jinping in 2013. This initiative has connected continents, promoting a vision of sustainable, innovative, and shared prosperity that has brought tangible benefits to people worldwide. In its second decade, the initiative is focusing on green development and inclusive growth. Chan emphasized Hong Kong's active role in transforming into an international center for green technology and finance, contributing in three main areas: providing financial support for green transformation, offering green tech solutions to combat climate change, and sharing knowledge, experience, and technology in urban planning, large infrastructure project design, management, operation, and the development of smart green cities.

During the FII, Chan witnessed the signing of several cooperation agreements between Hong Kong institutions and Saudi Arabian counterparts. These included a memorandum of understanding between the Hong Kong Monetary Authority and the Saudi Public Investment Fund (PIF) to establish a new investment fund worth US$1 billion; a cooperation agreement between Hong Kong Science and Technology Parks Corporation (HKSTP) and the Future Investment Initiative Institute (FII) to join its investment ecosystem; and a Head of Terms between Hang Seng Indexes and the Saudi Exchange.

After concluding his visit, Chan is scheduled to return on Nov. 1 (Hong Kong time) in the afternoon.

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