Hong Kong–Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in the first 11 months of 2023.
According to Dr. Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), the United Arab Emirates has solidified its position as a major trading partner for Hong Kong in the Middle East region.
Dr. Lau highlighted this robust growth during an interview with the Emirates News Agency (WAM) at the ongoing Asian Financial Forum in Hong Kong, quoting Hong Kong’s Census and Statistics Department as saying that non-oil foreign trade value between the two sides surged from $9.4 billion in 2020 to $16.23 billion in 2022.
Dr. Lau stated that the bilateral relations are distinctive, expressing hope for further development across various economic, trade, and investment fronts in the coming period.
He highlighted UAE delegations’ substantial presence at the Asian Financial Forum, indicating a collective effort to explore future collaboration and investment opportunities. Dr. Lau pointed out that UAE investors are keen on diversifying their investment portfolios in Hong Kong.
He clarified that Hong Kong serves as a significant business centre in Asia, with around 50 offices worldwide, facilitating businesses and investors to capitalise on opportunities provided by Hong Kong.
He further explained that Hong Kong companies are eager to invest in vital sectors in the UAE, including infrastructure, information technology, financial technology (Fintech), health technology, and bio-health.