HONG KONG (Xinhua) The 10th Belt and Road Summit concluded here on Thursday, with collaboration deepened in emerging industries.
Noting that the Belt and Road Initiative is a development springboard for Cambodia, Cambodian Deputy Prime Minister Sun Chanthol said on Wednesday at the opening ceremony of the two-day gathering that Hong Kong, an international finance and commercial services hub, will be vital in turning Belt and Road projects into bankable opportunities.
So far, the Hong Kong Special Administrative Region (HKSAR) has inked free trade agreements with 14 Belt and Road participating countries and investment agreements with about 20 Belt and Road participating economies.
Paul Chan, financial secretary of the HKSAR government, said that Hong Kong is fostering more partnerships and contributing to regional connectivity through leveraging two important global trends of the time: green and sustainable development, and digital innovation.
“For Belt and Road economies and the Global South, Hong Kong offers not only access to cutting-edge technologies but also the assurance that they are fully aligned with the best international standards and practices,” Chan said.
Chula Sukmanop, secretary-general of the Eastern Economic Corridor Office of Thailand, told Xinhua that Hong Kong, one of top sources of investment to the Eastern Economic Corridor (EEC), acts as a “supper connector” and “super value-adder” for Belt and Road collaboration, because it can provide access to funding, talents and new technologies needed to explore emerging areas that the EEC is focusing on, including digital innovation and green economy.
He said that Chinese companies operating in the EEC introduced new technologies, such as electric vehicles, to Thailand and helped build local supply chains.
At a session, the office promoted plans for building the EEC Capital City. Chula said the office has been approached by hundreds of companies interested in establishing cooperative ties every year, which makes the summit a good platform for seeking partners for new projects.
Hong Kong’s position as a leading fund-raising hub for Belt and Road participating economies is widely acclaimed at the summit.
Renat Bekturov, governor of the Astana International Financial Center, said the HKSAR enjoys advantages in investor access and regulatory framework, while Kazakhstan provides a gateway to Central Asia and other emerging markets.
“Together we can channel capital into energy transition, green infrastructure, digital innovation, and people-to-people partnership in the next phase of Belt and Road cooperation,” he said.
The Development Bank of Kazakhstan issued a dim sum bond worth 2 billion yuan in Hong Kong, the first renminbi bond issued by a government-owned entity from Central Asia. Last year, the Hong Kong Monetary Authority signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund on a joint 1 billion-U.S. dollar fund.
Hong Kong’s professional services are stronger still. In May, Hong Kong saw the establishment of the International Organization for Mediation, the world’s first intergovernmental international legal organization dedicated to resolving international disputes through mediation.
Paul Lam, secretary for justice of the HKSAR government, said that the city boasts international, credible and top-quality legal professionals, which will be of great assistance to those taking part in Belt and Road projects.
