The United Arab Emirates (UAE) has solidified its position as a major trading partner for Hong Kong in the Middle East region. This is according to Dr. Patrick Lau, deputy executive director of the Hong Kong Trade Development Council (HKTDC).
During an interview with the Emirates News Agency (WAM) at the Asian Financial Forum in Hong Kong, Dr. Lau highlighted the significant growth in trade between the two sides. Citing data from Hong Kong’s Census and Statistics Department, he mentioned that the non-oil foreign trade value between the UAE and Hong Kong surged from $9.4 billion in 2020 to $16.23 billion in 2022.
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Dr. Lau further highlighted that the non-oil foreign trade value continued to grow in the past year, reaching $16.2 billion in the first 11 months of 2023. He expressed optimism for further development in various economic, trade, and investment sectors in the future.
The presence of substantial UAE delegations at the Asian Financial Forum indicated a collective effort to explore future collaboration and investment opportunities, as noted by Dr. Lau. He also highlighted the interest of UAE investors in diversifying their investment portfolios in Hong Kong.
Dr. Lau clarified that Hong Kong serves as a significant business center in Asia, with approximately 50 offices worldwide, facilitating business and investment opportunities. He further explained that Hong Kong companies are eager to invest in key sectors in the UAE, including infrastructure, information technology, financial technology (Fintech), health technology, and bio-health.
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