Xu Zhengyu: Hong Kong has great potential for financial cooperation with countries in the Arab region.

On January 14th, the ASIA FINANCIAL Forum successfully held the first session dedicated to the Gulf Cooperation Council (GCC), marking an important milestone in the cooperation between the Hong Kong Special Administrative Region and GCC countries in the financial services sector. Hong Kong Financial Secretary Paul Chan stated that the Hong Kong SAR government will continue to work with the GCC Secretariat to jointly organize large-scale events, explore specific measures, and further enhance cooperation in the financial markets between the two parties. In his speech, Paul Chan pointed out that global situations are becoming increasingly complex, and Middle Eastern countries have been seeking new investment opportunities worldwide in recent years. As an important hub connecting Mainland China, Asia, and global capital markets, Hong Kong is definitely an ideal "super-connector" that can meet the needs of GCC countries. Furthermore, Hong Kong has made significant progress in green and sustainable finance over the years and is developing into an international green finance center, which can play an added value role in nurturing green energy and other emerging areas in GCC countries. There is also great potential for cooperation between Hong Kong and GCC countries in financial services such as securities markets, Islamic finance, and asset/wealth management. GCC Secretary-General Jasem Mohamed Albudaiwi expressed optimism about the future relationship between GCC and Hong Kong, emphasizing that GCC countries are keen to strengthen dialogue and cooperation with Hong Kong for mutual benefit. Today's successful holding of the GCC session at the ASIA FINANCIAL Forum is a good start for the Hong Kong SAR government and the GCC Secretariat to strengthen their cooperation. Both sides will continue to maintain close communication to jointly plan large-scale events and deepen their understanding of each other's markets. They will also explore specific measures to further enhance cooperation in various aspects of the financial markets, including capital market connectivity, sustainable finance, financial technology, asset/wealth management, family offices, and financial infrastructure development, aiming for mutual benefits for both Hong Kong and GCC countries.