FHKI Middle East Delegation's First Stop in Saudi Arabia

MoU Signed with Saudi National Industrial Development Center
to Attract Investments and Expand Business Opportunities

 

 

The Federation of Hong Kong Industries (FHKI) embarked on a seven-day delegation mission to Saudi Arabia and the United Arab Emirates (UAE) from 30 November to 6 December. During its first stop in Riyadh, the capital of Saudi Arabia, FHKI signed a Memorandum of Understanding (MoU) with the National Industrial Development Center (NIDC) to strength trade ties and cooperation between Hong Kong and Saudi Arabia. While in Riyadh, the delegation mission had the distinct honour of being received by Chang Hua, Ambassador of China to Saudi Arabia, and He Song, the Minister-Counsellor for Economic and Commercial Affairs.

 

A key highlight of the delegation's visit to Riyadh was an exchange session with the NIDC, where the delegation engaged with local officials and business leaders on strategic topics including innovation and technology, and green economy. During the session, witnessed by His Excellency Bandar Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources of Saudi Arabia, Chairman Steve Chuang of FHKI and CEO Saleh Al-Salmi of NIDC signed the MoU, marking the beginning of a strategic partnership.

 

The MoU establishes a cooperative framework to support industrial development and foster a deeper understanding and cooperation between the business communities of Hong Kong and Saudi Arabia. It facilitates broad exchange and collaboration across various sectors ranging from economy, business, trade, human resource management to sustainable growth, aiming to enhance economic development and prosperity.

 

In addition, the delegation met with other key organisations in Saudi Arabia, including NEOM, Canton Chamber of Commerce in Saudi Arabia (CCCS), Saudi Awwal Bank, HSBC Saudi Arabia, and the Saudi Authority for Industrial Cities and Technology Zones (MODON). These engagements provided insights into the country’s  latest developments in smart cities, digital economy, Middle Eastern finance, and new industrialisation, while exploring potential collaboration opportunities between Hong Kong and Saudi Arabia.

 

Saudi Arabia ranks as Hong Kong's fourth-largest trading partner in the Middle East in 2023. With a total population of 36 million, of which 51% are under 30, the country presents a substantial pool of young talent and a booming market potential. Through its national development strategy “Saudi Vision 2030”, the Saudi government is actively opening up and reforming its economy while promoting advancement of key local industries and technologies.

 

FHKI Chairman Steve Chuang expressed his strong impressions of the vibrant emerging market's eagerness to collaborate with Hong Kong enterprises, “Saudi Arabia's determination and vision in implementing Vision 2030 are admirable. Their innovative breakthroughs in manufacturing, renewable energy, and healthcare align perfectly with Hong Kong's industrial development direction. Particularly encouraging is the wide recognition of Hong Kong's professional services and research capabilities in the region, with several Hong Kong companies successfully penetrating the market in infrastructure design, construction, and operations.” Chairman Chuang emphasised that FHKI will fully embrace its role as a “super connector” and “super value-adder”, driving enterprises to seize this unique opportunity and leveraging the Belt and Road Initiative to forge a new chapter for Hong Kong's business community in the Middle East.

 

FHKI has consistently demonstrated its commitment to advancing the Belt and Road Initiative, establishing its Belt and Road Committee last year to strengthen ties between Hong Kong's industrial sector and regions along the Initiative. The FHKI delegation, led by Chairman Chuang and co-organised by the International Affairs Committee and the Belt and Road Committee, comprises over 30 members, including FHKI Executive Deputy Chairmen Anthony Lam and Ricky Chan; FHKI Deputy Chairmen Jude Chow, Karen Chan, Gary Lau and Peter Shum; FHKI Director-General Bonnie Chan, and leaders from Hong Kong manufacturing and I&T sectors.

 

FHKI extends its sincere gratitude for the unfailing support of its partners in Hong Kong, Saudi Arabia and UAE. The delegation's success was made possible through Cathay Pacific as the exclusive airline sponsor, along with key supporting organisations (in alphabetical order): Access Group International; the Belt and Road Office of the HKSAR Government; the Hong Kong Economic and Trade Office in Dubai; the Hong Kong Trade Development Council (HKTDC); the National Industrial Development Center (NIDC); and the Consulate General of the United Arab Emirates in Hong Kong.

 

The delegation concluded its activities in Riyadh today and proceeded to Dubai and Abu Dhabi in the UAE for the next phase of its visit.

 

 

About Federation of Hong Kong Industries (FHKI) Established in 1960, FHKI represents and serves the interests of Hong Kong’s industrial and business communities. FHKI actively consolidates the industry’s views on issues of concern to HKSAR Government and puts forward proposals that facilitate the industry’s long-term development. FHKI is also dedicated to strengthening communication between Hong Kong industries and foreign counterparts and forging the connection between global business communities.

About the National Industrial Development Center (NIDC) NIDC, overseen by the Saudi Ministry of Industry, supports and coordinates the execution of national industrial strategies in Saudi Arabia. NIDC develops industrial parks and leads development in sectors distinguished by exponential growth and targeting export abroad, including automobiles, minerals, desalination, chemicals, pharmaceutical industries, biotechnology, etc.

 

 

 

Picture 1: The delegation mission was received by Chang Hua, Ambassador of China to Saudi Arabia, and He Song, the Minister-Counsellor for Economic and Commercial Affairs.

 

Picture 2: Steve Chuang (right), FHKI Chairman, presented a certificate of appreciation to Chang Hua, the Chinese Ambassador to Saudi Arabia (left).

Picture 3: Chang Hua, the Chinese Ambassador to Saudi Arabia (left 4), and He Song, the Minister-Counsellor for Economic and Commercial Affairs (left 1) posed for a group photo with the FHKI leadership.

Picture 4: FHKI delegation visited NIDC.

Picture 5: FHKI Chairman Steve Chuang (left) and CEO of NIDC Saleh Al-Salmi (right), under the witness of H.E. Bandar Ibrahim Al-Khorayef, the Saudi Minister of Industry and Mineral Resources (middle), signed the MoU.

Picture 6: The delegation visited NEOM.

Picture 7: FHKI delegation mission met with CCCS.

Picture 8: FHKI delegation mission met with representatives from Saudi Awwal Bank and HSBC Saudi Arabia.

Picture 9: FHKI delegation mission visited MODON.

Picture 10: FHKI delegation mission visited the Ministry of Investment, Saudi Arabia.

Picture 11: FHKI embarked on a seven-day delegation mission to Middle East.

 

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