Hong Kong and Saudi Arabia have signed a memorandum of understanding (MOU) to enhance infrastructure information exchange and facilitate market access for the city’s professional services.
In the presence of Chief Executive John Lee Ka-chiu and Saudi Investment Minister Khalid Al-Falih, the agreement was signed on Friday by Commissioner for Belt and Road Nicholas Ho Lik-chi and Assistant Deputy for the Saudi Services Sector Fahad Alhashem.
“This MOU marks another significant milestone in the collaboration between the two sides under the Belt and Road Initiative, especially as it is the first of its kind signed between Hong Kong and an overseas economy in this area of cooperation,” Lee said.
“Our professional services … can contribute significantly to the development of signature projects in Saudi Arabia and beyond. I am confident that this MOU will further strengthen the bilateral ties between the two economies.”
Under the agreement, the Saudi investment ministry will provide Hong Kong with information on infrastructure and construction projects and address any obstacles that face city companies when accessing the kingdom’s market.