Belt & Road Summit opens in Hong Kong

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(Hong Kong) – The Third Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC) welcomed more than 5000 participants from 55 countries and regions at the Hong Kong Convention and Exhibition Centre.

The UAE is participating in the summit with a high-level delegation led by Abdullah Al Saleh, Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, and comprising a number of top officials from federal and local entities as well as businesses from across the country.

In statements to the Emirates News Agency (WAM), Al Saleh said the “UAE is the only Arab country participating in the summit in acknowledgement of our being Hong Kong’s largest export market in the Middle East and China’s first non-oil trade partner, in the region.”

Al Saleh reaffirmed the UAE’s continued contribution to the Belt & Road Initiative, aimed at promoting cooperation ties between countries of the region.

“The strategic position boasted by the UAE as a global logistics and transshipment corridor to MENA Region and a transportation hub between East and West, enables the country to further bolster its contributions to the ambitious Belt & Road Initiative which is conducive to effecting significant changes and a new era in international trade.”

The total UAE- Hong Kong trade hit around US$10.9 billion in 2017; with imports estimated at US$4.3 billion and re-exports at US$6.5 billion.

Major export items included telecom equipment and parts; pearls, precious and semi-precious stones; engines and motors, as well as non-electric and parts; major import items included jewelry; pearls, precious and semi-precious stones; telecom equipment and parts.

There are currently 18 active UAE companies and organisations in Hong Kong, including one retail group; one agricultural company; one trade organization; two banks; two investment advisory companies; two satellite offices of sovereign wealth funds; three logistics companies; three aviation companies; and three financial service companies.