Middle East delegation members hail fruitful trip
Middle East delegation members hail fruitful trip
Sunny Tan said Hong Kong can link up Gulf sovereignty funds with mainland technology firms. File photo: RTHK
Members of a delegation led by the SAR chief executive that visited the Middle East this week said on Saturday the trip has allowed Hong Kong to link up local and mainland firms with Gulf sovereignty funds.
John Lee's delegation – comprising leaders of Hong Kong and mainland businesses – signed 59 memoranda of understanding for collaboration with Qatar and Kuwait, ranging from trade and finance to aviation and legal services.
Hong Kong Productivity Council chairman and lawmaker Sunny Tan, who was part of the delegation, said Gulf representatives were very much interested in investing in innovation and technology.
He noted that sovereignty funds in Gulf states are very sizeable and want to invest in firms that have gone global.
While many mainland technological firms have much to offer, Tan said on Commercial Radio, they're "often not used to operating in other places" and Hong Kong can help with their internationalisation.
On the same programme, Law Society president Roden Tong said Hong Kong's lawyers can also fill the gap when contracts are signed or when disputes arise between parties from disparate legal systems.
"There are different legal systems among countries in the Middle East – there are common law and civil law jurisdictions," he said.
"They also adopt Islamic laws."
"Therefore we need to learn more about how their legal systems operate, and this is exactly the role Hong Kong lawyers can play."
Tong noted that some of the SAR's lawyers who can practice in Greater Bay Area cities across the border can act as the "super-connector and value adder" for overseas firms wanting to enter the mainland market.
Lawmaker Johnny Ng, for his part, said he thinks Kuwait very much valued Hong Kong, as the country arranged the delegation to stay in a palace.
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