HK, Saudi Arabia ink investment promotion pact

The pact will strengthen economic relations between the two markets.

Hong Kong and Saudi Arabia signed a memorandum of understanding (MOU) on investment promotion exchange and support between the two markets.

Director-General of Investment Promotion Alpha Lau and the Ministry of Investment of Saudi Arabia Associate Office Director-China Ayidh Alyami signed the MOU.

The MOU will strengthen economic relations between the two economies through the promotion of direct investment by encouraging the exchange of visits and expertise, the organisation of events such as meetings and conferences, and the exchange of information related to business and investment climate.

Hong Kong also launched formal negotiations with Saudi Arabia on an Investment Promotion & Protection Agreement (IPPA).

The IPPA aims to protect, enhance, and open investment, help strengthen investor confidence and increase bilateral investment flows to boost closer economic relations between Hong Kong and trade partners.