Hong Kong completes 24 agreements with Kuwait

The agreements cover economy and trade, investments, financial services, and more.

Government departments, enterprises and organisations from Hong Kong, the Mainland and Kuwait exchanged and announced 24 memoranda of understanding and co-operation agreements, covering areas such as economy and trade, investment, financial services, technology, legal co-operation, cargo clearance and flow, aviation, and post-secondary education.

Chief Executive John Lee led the delegation during his visit to Kuwait and met representatives of the Kuwait Direct Investment Promotion Authority, exchanging views with local political and business leaders.

Noting that Kuwait was Hong Kong’s sixth-largest trading partner in the Middle East last year, Lee said there is significant room for development in trade and business between the two places. He also stressed that Hong Kong will continue to serve as a bridge to assist enterprises in going global and attracting external investment, welcoming Kuwaiti enterprises to leverage the city’s financing support and professional services to explore international markets.

Lee also highlighted that merchandise trade between Hong Kong and the Cooperation Council for the Arab States of the Gulf reached nearly $156.17b (US$20b) last year, an increase of over 53% in the past four years, whilst Hong Kong’s merchandise trade with Kuwait last year amounted to $1.56b (US$200m), up more than 20% from the previous year.

Hong Kong, an international financial centre as well as the world’s largest offshore renminbi business hub, will give full play to its role as a “super connector” and “super value-adder” to deepen international exchanges and co-operation, Lee pointed out, adding that he believes the ties between Hong Kong and Kuwait will continue to flourish.

The Chief Executive also hosted a dinner for members of the business delegation comprising representatives from Hong Kong and Mainland enterprises to thank them for their participation in the programme of the past four days, and for working together to explore co-operation opportunities for Hong Kong and the Mainland in the Middle East.