Ninth Belt And Road Summit Kicks Off With 19 Strategic MoU Signings

The Ninth Belt and Road Summit commenced today, drawing around 6,000 political and business leaders from Belt and Road countries. This includes government officials from about 10 nations, prominent international business figures, over 100 delegations, and 38 central state-owned enterprises from Mainland China. The summit aims to explore opportunities in investment, trade, innovation, technology, and green development as the Belt and Road Initiative (B&RI) enters its next significant phase.

Chief Executive John Lee highlighted the B&RI's role in fostering shared opportunities and cultural exchanges. He emphasised Hong Kong's unique position under the "one country, two systems" principle, which allows it to leverage both China's and global advantages. Lee described Hong Kong as a "super connector" with world-class infrastructure that facilitates trade and enhances projects.

Financial Secretary Paul Chan underscored Hong Kong's diversified financial services during his keynote luncheon speech. He noted that Hong Kong's robust stock market and vibrant bond market make it an ideal platform for raising funds for infrastructure and green transition projects. As a leading green finance hub in Asia, Hong Kong offers solutions to support economies in achieving net-zero targets.

The summit also featured Deputy China International Trade Representative Li Yongjie, Vice Chairman of the State-owned Assets Supervision and Administration Commission Gou Ping, and Deputy Secretary General of the National Development and Reform Commission Xiao Weiming. Permanent Deputy Prime Minister of Vietnam Nguyen Hoa Binh and President of the New Development Bank Dilma Rousseff delivered keynote speeches at the opening session and luncheon.

This year's summit introduced a new Green Chapter with thematic sessions on green development, innovation, and technology. Business leaders discussed the application of green technology and how Hong Kong can contribute to sustainable development in Belt and Road countries. The event also included over 200 Belt and Road Scholarship recipients, Youth Development Commission Youth Ambassadors, Youth Link members, and Strive and Rise Programme students.

Secretary for Justice Paul Lam SC spoke at a breakout session titled "Building a Green, Sustainable, and Innovative Silk Road through Hong Kong's Legal and Dispute Resolution Services". He highlighted Hong Kong’s strengths in legal services, intellectual property laws, and dispute resolution standards. Lam emphasised that these services are crucial for addressing legal issues arising from Belt and Road projects.

Memoranda of Understanding

The HKSAR Government signed memoranda of understanding with several countries during the summit. Agreements were made with the Maldives and Indonesia on anti-corruption cooperation, Cambodia on bilateral trade promotion, and the Solomon Islands on aeronautical meteorological science collaboration. Additionally, 19 commercial collaboration memoranda were exchanged.

Secretary for Commerce Algernon Yau chaired a Policy Dialogue on "Multilateral Co-operation for an Interconnected World". He discussed with three overseas ministers how multilateral cooperation can create more opportunities for Belt and Road countries. Yau stressed that promoting international cooperation through various forms of connectivity will accelerate high-quality development.

A business plenary session gathered leaders to discuss Hong Kong's role in facilitating trade under the B&RI. Additional breakout sessions covered topics like Mainland-Hong Kong trade services symposiums, captive insurance roles in supporting B&RI initiatives, and charting green development for a connected world.

The summit continues tomorrow with a focus on Middle Eastern markets. Project investment sessions will cover innovation technology, urban development, as well as Middle East North Africa regions. Over 800 one-on-one business matching meetings are scheduled for more than 280 projects.

Lee expressed optimism about the future of B&RI collaborations. He believes these partnerships will boost economic growth among participating countries while strengthening community ties.

With inputs from WAM