Chief Executive John Lee Ka-chiu speaks to the media ahead of an Executive Council meeting on Jan 16, 2024. (PHOTO / HKSAR GOVERNMENT)

HONG KONG – More than 3,000 government officials, representatives of regulatory bodies and business heavyweights from across the world will gather in Hong Kong for the Asian Financial Forum – set to be held on Jan 24-25, Chief Executive John Lee Ka-chiu said on Tuesday.

The first commercial and financial mega event to be held in the city in 2024, this year’s forum is also the first one to be held in full physical form since the restoration of normalcy following the COVID-19 pandemic, Lee told the media ahead of the weekly Executive Council meeting.

Themed “Multilateral Cooperation for a Shared Tomorrow”, the forum will explore issues including promoting global development, business opportunities and sustainable economic models.

The number of guests from the Middle East has increased from two to eight this year, while that of attendants from the ASEAN has surged from five to 14.

John Lee Ka-chiu, Chief Executive, HKSAR

“About 70 business delegations from the Chinese mainland, Japan, Australia, and other countries have confirmed their attendance at the forum. This has highlighted the attractiveness of the event,” he said.

Panel discussion guests include 2022 Nobel Prize for Economics laureate Douglas Diamond and world-renowned economist and president of the UN Sustainable Development Solutions Network Jeffrey Sachs, he added.

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Another highlight of the event is that participants from the Middle East and the Association of Southeast Asian Nations have been very active, with a threefold increase in the number of attendants, the CE said.

“The number of guests from the Middle East has increased from one or two in the past to eight this year, a rise of over three times, while that of attendants from the ASEAN has surged from five to 14, a growth of about three times. This showed the success of the government’s efforts in liaising with the two regions,” said the CE.

Despite uncertainties in the global economy, the foundation of Hong Kong as an international financial center was still very solid, he said.

The total amount of deposit reached HK$16 trillion ($2.05 trillion) for the first 11 months in 2023, posting a 4.1 percent year-on-year increase, and it was expected to grow over 5 percent for the whole year, he added.

In this file photo dated Jan 11, 2023, participants take photos during the Asian Financial Forum at the Hong Kong Convention and Exhibition Centre in Wan Chai. (CALVIN NG / CHINA DAILY)

“About HK$250 billion of capital has flown to the stock market in Hong Kong through the southbound trading scheme. It has reflected the continuous net inflow of capital,” he added.

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The government will seize the opportunities to promote conference and mega event economy by cooperating with various organizations to launch activities for the forum guests, including visits to the Hong Kong Palace Museum and other tourist attractions, and guided tours at the Hong Kong Monetary Authority and the Hong Kong Stock Exchange, said the Hong Kong leader.

The government aimed to “make the guests feel the hospitality and vibrancy of Hong Kong and hope they will tell the good stories of Hong Kong when they return home”, Lee said.

The city will also launch a series of international financial events this year, including the Wealth for Good in Hong Kong Summit, the East Asian Insurance Congress and the Hong Kong FinTech Week, to consolidate Hong Kong’s status as a global financial center, together with other sports and cultural mega events to boost the local economy, he added.