Chief Executive John Lee Ka-chiu delivers a speech at the plenary meeting of the CEO conference of the third Belt and Road Forum for International Cooperation in Beijing on Oct 17, 2023. (PHOTO / HKSAR GOVERNMENT)

Hong Kong Chief Executive John Lee Ka-chiu on Tuesday called on entrepreneurs from around the world to establish offices in the city to better tap into opportunities arising from the ambitious Belt and Road Initiative (BRI).

Addressing the CEO conference at the third Belt and Road Forum for International Cooperation in Beijing, Lee said the city will do its best to offer support in high-quality professional services for enterprises and economies participating in the initiative.

The number of regional headquarters established by Belt and Road countries in the city has surged from 83 to 168 between 2017 and 2022, marking an impressive average annual growth rate of over 15 percent

The services include project financing, risk management, international law and dispute resolution, construction engineering, shipping logistics, and innovative technology.

Lee highlighted Hong Kong’s deepening involvement and greater impact in the BRI. The number of regional headquarters established by Belt and Road countries in the city has surged from 83 to 168 between 2017 and 2022, marking an impressive average annual growth rate of over 15 percent.

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The direct investments from Hong Kong to Belt and Road countries also increased from $70 billion in 2017 to $120 billion in 2021. Additionally, the total amount of renminbi remittances for cross-border trade settlement has more than doubled from 3.9 trillion yuan ($533 billion) to 9.3 trillion yuan.

Lee added that these encouraging figures exemplify the immense growth potential of Belt and Road countries and underscore Hong Kong's pivotal role as a participant, facilitator, and beneficiary of the initiative.

Lee underscored Hong Kong's unique advantages derived from the  “one country, two systems”  principle. Positioned as a bridge between the Chinese mainland and the global market, the city boasts a free flow of capital, regulatory frameworks aligned with international standards, and operates under a common law system.

Chief Executive John Lee Ka-chiu delivers a speech at the plenary meeting of the CEO conference of the third Belt and Road Forum for International Cooperation in Beijing on Oct 17, 2023. (PHOTO / HKSAR GOVERNMENT)

He said these factors have solidified Hong Kong's status as a sought-after destination for entrepreneurs worldwide, making it a preferred gateway and pivotal hub for businesses operating in Asia.

Lee also mentioned that earlier this year he led high-level delegations to visit countries in the Middle East and ASEAN region to promote Hong Kong. During these visits, members of the delegations signed nearly 50 cooperation agreements with local businesses and organizations, spanning a wide range of sectors.

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Looking ahead, Lee expressed the city’s commitment to proactively integrate into the nation’s broader development goals. Hong Kong aims to forge stronger ties with Belt and Road countries and enterprises, fostering collaboration and sharing the achievements, he added.

According to Lee, Hong Kong was expected to sign agreements to introduce three projects worth over $450 million during the CEO conference.