Hong Kong will sign nine agreements with countries of the Belt and Road Initiative, with companies sealing dozens of business deals amounting to nearly US$1 billion (HK$7.8 billion), the city’s leader has announced at a major summit as he pledged to enter into more collaborations in the future.
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At the 10th edition of the two-day Belt and Road Summit on Wednesday, Chief Executive John Lee Ka-chiu also said Hong Kong’s external trade with countries under the initiative exceeded US$276 billion last year, an 80 per cent increase since 2013 and three times the average growth rate of the city’s overall merchandise trade over the same period.
Hong Kong’s direct investment in belt and road countries also reached US$133 billion in 2023, a 3.6-fold increase from 2013, he added.
The Belt and Road Initiative refers to Beijing’s scheme to link dozens of economies in Asia, Europe and Africa into a China-centred trade network.
Lee revealed that the city was set to ink nine memorandums of understanding and cooperation agreements with belt and road countries “on official cooperation in dispute avoidance and resolution, customs, anti-corruption, meteorology, investment promotion and more” during the summit, co-organised by the government and the Trade Development Council.
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Up to 36 business-to-business agreements and deals would also be struck in the areas of finance, technology, logistics, professional services and education, he added.
“Thanks to projects and deals closed in recent days, their total value is now close to US$1 billion,” Lee said.