Bright prospects for Hong Kong as bridge between Middle East and Greater Bay Area, says former minister Gregory So
- Gulf Cooperation Council countries and bay area have ‘strikingly similar’ policies, economic ambitions, according to former commerce minister Gregory So
- Opportunities for Hong Kong as Middle East investors see bay area as ‘high-growth’ market
“Investors in the Gulf Cooperation Council [GCC] pay a lot of attention to Hong Kong. They are very curious about how they can invest in Greater China, particularly the Greater Bay Area, which they see as a high-growth market,” So said in a rare interview.
The council comprises Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Oman and Qatar, which boast some of the world’s largest sovereign funds, while the bay area links Hong Kong, Macau and nine cities in Guangdong.
So highlighted striking similarities between the two regions, especially in terms of policies focused on “innovation and technology, sustainability and the green industry” and their ambitious economic goals.
His interview with the Post followed the high-level visit by Hong Kong Chief Executive John Lee Ka-chiu to Saudi Arabia and the UAE in February to forge closer ties with the Arab states.
So, 64, who was secretary for commerce and economic development from 2011 to 2017, is an independent non-executive director at Investcorp, the Middle East’s largest alternative asset manager with US$50 billion worth of global assets.
He said the Middle East countries had ambitious plans to diversify from their reliance on oil, with initiatives such as Vision 2030 in Saudi Arabia, “We the UAE 2031” and “Qatar National Vision 2030”.