Latest news with #HongKongGeneralChamberofCommerce
Qatar Tribune
12-05-2025
- Business
- Qatar Tribune
Qatar Chamber signs five MoUs with Hong Kong institutions
DOHA: Qatar Chamber has signed five Memoranda of Understanding (MoUs) with the Hong Kong General Chamber of Commerce, the Federation of Hong Kong Industries, the Hong Kong Investment Authority, the Hong Kong Trade Development Council, and the Hong Kong Banking Association. Additionally, the Qatar International Centre for Conciliation and Arbitration (QICCA) signed an MoU with the Hong Kong Bar Association. These agreements were signed during a meeting between Qatar Chamber and Chief Executive of the Hong Kong Special Administrative Region of the People's Republic of China HE John Lee, who was accompanied by a high-level delegation comprising chairpersons and founders of leading private and public companies from Hong Kong and mainland China. The meeting was attended by Minister of Finance HE Ali bin Ahmed Al Kuwari; Chairman of Qatar Chamber HE Sheikh Khalifa bin Jassim Al Thani; several members of the Chamber's Board of Directors; and a group of prominent Qatari businessmen. In his remarks, Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al Thani praised the strong and steadily growing relationship between Qatar and Hong Kong, which is built on mutual trust, shared economic goals, and a joint commitment to creating new opportunities. He emphasized both sides' interest in deepening cooperation across various sectors, with a particular focus on the private sector-especially in trade, investment, finance, and smart industries. "Trade exchange between the two sides witnessed a remarkable 70 percent growth, reaching QR2.2 billion in 2024, compared to QR1.3 billion in 2023," he noted. He also highlighted Qatar's broader trade ties with China, stating that the total volume of trade between Qatar and the People's Republic of China exceeded QR80 billion in 2024, of which QR62 billion represented exports-primarily natural gas and refined oil products. Sheikh Khalifa commended Hong Kong's achievements over the decades, highlighting its position as one of the world's leading economic and financial centers, its long-standing history of innovation and smart services, and its role as a pivotal trade gateway with an open and dynamic economic environment. "This aligns with Qatar's future vision of building a diversified and sustainable economy founded on advanced knowledge and technology," he said. Qatar Chamber's Chairman emphasized the Chamber's commitment to strengthening cooperation with the business community in Hong Kong and exploring joint investment opportunities. He highlighted that Qatar offers a wide array of economic prospects across key sectors, including artificial intelligence, infrastructure, financial services, advanced technology, energy, smart industries, and high-quality modern services. He further noted that Qatar has enacted a series of reforms and initiatives aimed at enhancing its investment climate and fostering a stable, business-friendly environment. These include the establishment of an advanced regulatory framework, the development of strategically located free zones that offer streamlined market access, simplified procedures supported by world-class infrastructure, and a range of tax exemptions. For his part, Chairman of the Hong Kong Trade Development Council (HKTDC), Peter Lam, emphasized the growing trade and investment cooperation between Hong Kong and the State of Qatar. He noted that the event aimed at deepening trade and investment relations with Hong Kong's key partners, expressing his eagerness to showcase numerous commercial opportunities. Lam highlighted Hong Kong's position as an ideal business platform across various sectors, including both traditional industries and emerging fields such as sustainability and environmentally friendly technologies. He also underlined Hong Kong's strategic role as a gateway to the Chinese market and reaffirmed the HKTDC's commitment to strengthening trade relations with Qatar. Meanwhile, Qatar Chamber hosted a roundtable meeting with John Lee, which was attended by several members of the Chamber's Board Members. The meeting discussed ways to enhance bilateral cooperation, the investment climate, and opportunities for partnership, particularly in sectors such as financial and professional services, infrastructure and real estate, transportation and logistics, innovation and technology, manufacturing, and energy. The QC chairman commended the signed MoU between Qatari and Hong Kong companies and institutions, indicating that the Qatari business community is keen to bolster relations with its counterpart from Hong Kong in various sectors such as technology and innovation, and others. QC board member Mohamed bin Ahmed Al Obaidli said that there are many promising sectors for cooperation between the private sectors on both sides, especially the financial and technological sectors. He highlighted that Qatar welcomes all investments from all world countries. During the meeting, presentations were delivered by Invest Qatar and Hong Kong General Chamber of Commerce.
RTHK
09-05-2025
- Business
- RTHK
'HK, MidEast are mutually beneficial trading partners'
'HK, MidEast are mutually beneficial trading partners' Agnes Chan says Gulf nations are trying to depend less on oil revenue to diversify their economies. Jeffrey Lam urges Hong Kong firms to think of ways to participate in Gulf nations' goal to build for the future, such as in areas of new energy. Photo: RTHK The Middle East is ideal for Hong Kong enterprises seeking to diversify their investment portfolios amid global trade uncertainties, according to the city's largest business chamber. The Hong Kong General Chamber of Commerce said there is growing interest from Middle Eastern firms and wealth funds to invest in this part of the world. The group believes the SAR can provide solutions in sectors such as innovation, construction and education. Its chairwoman Agnes Chan will be among dozens of business leaders joining Chief Executive John Lee on a visit to Qatar and Kuwait on Saturday. She said her group regularly hosts officials and business executives from the Middle East. That included a meeting in April with Abdul Aziz Abdulla Al Ghurair, the chairman of Mashreq, a leading bank in the United Arab Emirates. "He's particularly interested in the entrepreneurial ecosystem in the innovation and technology sector," Chan said. "They've heard a lot about the high-quality productive forces in China and how we are focusing in terms of China's targeted 5 percent GDP growth." While Gulf nations traditionally rely on oil export revenues, Chan said they've realised that oil prices could be under pressure in the event of a global economic slowdown. "They realise relying on the traditional oil and gas is not the best way to go in terms of all the transformation that's going on. "They have capital, so they are looking to invest in growing sectors. "Life science is also an area they are interested in, and technology certainly, and then education exchange. So they're looking for more knowledge sharing between universities." Hong Kong and Middle East countries have already been fostering closer ties. Chan noted that merchandise trade between the SAR and the six member states of the Gulf Cooperation Council – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – reached HK$154 billion in 2024, a 50 percent jump from 2020. Commercial sector lawmaker Jeffrey Lam said growth in these markets does not mean Hong Kong can ditch its long-established trading partners like Europe and the United States. Lam, who's also an executive councillor and a toy manufacturer, foresaw a tough few months ahead for SAR exporters as they lose orders or have to suspend shipments because of the tariffs imposed by the Trump administration. "If you don't ship, you don't receive money and that creates cash-flow problems (for manufacturers)," he explained. "We need the government's support on this matter, as well as from the Monetary Authority and the banks. There are also logistical issues because you have to find warehouses to store the goods." Lam called on Hong Kong companies to think ahead and see how they can grasp the vast opportunities from the Gulf nations, especially in infrastructure construction. "And after buildings are built, infrastructures are completed. There are so many, many opportunities. You know, how many lifts will be needed? How [much] office equipment? How many household items would be needed? You know, all those are opportunities for us," he said. Lam, who is also part of the SAR delegation, said he's looking forward to the trip because there are "always good opportunities" whenever he travelled to the Middle East.
South China Morning Post
11-02-2025
- Business
- South China Morning Post
Hong Kong urged to spend cautiously, maintain tax incentives ahead of budget
Hong Kong's finance chief should 'cautiously manage' expenditures to ensure economic development rather than eliminate tax incentives that stimulate investment, a prominent business group has said. The Hong Kong General Chamber of Commerce on Tuesday also called for the creation of a digital services duty to create a level playing field for local businesses while also raising tax revenues, as part of a raft of proposals for the coming budget. Financial Secretary Paul Chan Mo-po on February 26 will deliver his budget speech for the 2025-26 financial year in which he is expected to announce cost-cutting measures to tackle the city's projected deficit of nearly HK$100 billion (US$12.8 billion). The finance chief has previously said that while the city aimed to maintain its competitive advantage of a simple and low tax system, the government will focus on cost-cutting rather than seeking new sources of income. Chamber chairwoman Agnes Chan Sui-kuen said that government policy had shifted to a period of 'fiscal consolidation' after years of using expansionary expenditures to boost the city's post-pandemic economic recovery. But Chan added it was important that the government 'cautiously manage' expenditure controls to avoid impeding the city's economic development. 'We need to continue some of these incentives,' Chan said. 'Some of these incentives are still important to allow for economic development and to bring in more businesses.'
