10th Belt and Road Summit generates $7.8b in MOUs and new projects

This is a total of nine MOUs signed with the government and 36 other agreements.

The 10th Belt and Road Summit saw nine MOUs signed by the HKSAR Government with overseas counterparts and about 36 other agreements in various areas, with their total value together with new projects reaching close to $7.8b (US$1b).

Speaking at the opening session, the Chief Executive, John Lee, said the Belt and Road Summit has united governments, businesses, people and cultures in collaboration for change.

He said that over the past 10 years, more than 45,000 people from some 120 countries and regions have participated in the summit, with over 2,800 projects presented, shaping a shared vision through collaboration and connectivity, which are the fundamental values of the Belt and Road Initiative.

"The HKSAR Government is rapidly expanding Hong Kong's global trade networks. I have visited 12 Belt and Road countries in the past three years, leading high-level business delegations from Hong Kong to most of them and witnessing some 160 MOUs, and cooperation agreements and deliverables with the respective economies, Lee said.

Lee said the government has signed free trade agreements with 14 Belt and Road countries, and investment agreements with about 20 Belt and Road economies, as well as Comprehensive Avoidance of Double Taxation Agreements with 37 Belt and Road jurisdictions.

Hong Kong’s external trade with Belt and Road countries exceeded $2.14t (US$276b) last year, up about 80% since 2013 and three times the average growth rate of Hong Kong's external merchandise trade over the same period.

Under the themes of "ASEAN: Unveiling new opportunities for growth and collaboration" and "Exploring frontiers in new markets and industries", the 10th Belt and Road Summit’s plenary sessions gathered business leaders to discuss Hong Kong's role in facilitating trade and business cooperation under the B&RI.