by Hatem Mohamed

HONG KONG, 28th June, 2018 (WAM) -- 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) today 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.

In his inaugural remarks of the event, Vincent HS Lo, Chairman of the HKTDC, said, "In just four and a half years, the Initiative has achieved significant progress. New projects such as railways and roads, ports and power plants have begun in numerous countries around the world. At the same time, new opportunities are opening up, as the Initiative goes beyond infrastructure to technology, manufacturing, logistics, agriculture tourism, and many others."

He added that on account of the global and far-reaching scale of the Initiative, "We must find the right partners to make the right choices. As the commercial hub for the Belt and Road, Hong Kong is the best place to turn Belt and Road concepts into viable commercial ventures."

Addressing the summit, Hong Kong Special Administrative Region Chief Executive Carrie Lam, said that the Initiative creates a "long-term promise of transnational and intercontinental connectivity and will give rise to rewarding business prospects. They will take different permutations and shapes, including new air, sea and land routes, additional ports, rails and roads connecting isolated regions, economic and trade pacts, and increased investment flow."

Hong Kong, being the world's freest economy and China's most international city, is destined to play a significant role in the Belt and Road Initiative, she added.

At the beginning of the summit, Hong Kong and Georgia signed a free trade agreement to promote investments and professional services between the two sides.