Hong Kong Signs MOU with Abu Dhabi on Investment Promotion

Invest Hong Kong (InvestHK) on Tuesday that it has signed a Memorandum of Understanding (MOU) with the Abu Dhabi Chamber of Commerce and Industry in the UAE, pledging mutual co-operation on investment promotion exchanges and support.

 The MOU was signed online by the Director-General of Investment Promotion at InvestHK, Alpha Lau, and the CEO of Abu Dhabi Chamber of Commerce and Industry, Ahmed Khalifa Al Qubaisi to foster a closer relationship for the mutual benefit of Hong Kong and the UAE in terms of investment promotion exchanges, and their co-operation with each other in promoting both inward and outward investments in both Abu Dhabi and Hong Kong.

Lau said that signing of the MOU marked a new milestone between Hong Kong and Abu Dhabi in terms of investment promotion exchanges. Hong Kong offers an efficient, reliable business platform bringing Mainland China and the rest of the world together.

“On the other hand, Abu Dhabi is a leading economy in the Gulf region and an important source of foreign direct investment in the world. By leveraging Hong Kong’s status as the world’s “super connector,” companies from Abu Dhabi and the UAE, and those from other Asian countries can strengthen collaboration, tapping into the growing business opportunities across our two regions,” Lau added.

Aligns with Strategic Goals

In his remarks, Al Qubaisi said that this partnership between the Abu Dhabi Chamber of Commerce and Industry and InvestHK aligns with the Chamber’s strategic goals to leverage the diverse and promising investment opportunities in both markets as it promotes collaborative efforts and trade exchanges, thereby bolstering our joint economic interests.

“Our partnership adds additional and necessary support to the objectives of the ‘Gateway to the World’ initiative, recently launched by the Abu Dhabi Chamber of Commerce and Industry, to expand our international business network, attract multinational corporations, SMEs, investors, and talent to Abu Dhabi, underscoring our commitment to fostering local and global economic growth, ensuring the contribution of the private sector to sustainable development, and facilitating global trade,” he added.

The MOU focuses on sharing information on business environments and investment opportunities with a view to promoting investment between the two sides and sharing experiences in attracting foreign investment as well as best practices regarding investment promotion.

It also encourages interested local companies in setting up or expanding their businesses within the area of the other jurisdiction and provides support to facilitate inward investment between both Abu Dhabi and Hong Kong.

According to Dr Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), non-oil foreign trade value between the two sides surged from $9.4 billion in 2020 to $16.23 billion in 2022.

He emphasised that the non-oil foreign trade value grew between the UAE and Hong Kong in the past year, reaching $16.2 billion in the first 11 months of 2023.