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Hong Kong and Egypt: Tech Investment and Innovation

Image Credits: InvestHK, Press Release
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Invest Hong Kong (InvestHK) and the General Authority for Investment and Free Zones (GAFI) of the Arab Republic of Egypt formalised a collaboration by signing a Memorandum of Understanding (MoU) at InvestHK’s Head Office. This MoU signifies their commitment to mutual cooperation in the realm of investment promotion exchanges and support.

The Memorandum of Understanding (MOU) was officially inked between the Acting Director-General of Investment Promotion at InvestHK and the Chief Executive Director of GAFI. Their primary objective is to strengthen the already close ties between Hong Kong and Egypt. This collaboration is geared towards facilitating mutual growth and cooperation on investments, with a particular emphasis on attracting foreign investments and fostering innovation.

The MoU centres on the exchange of crucial information regarding the business environments and opportunities in both regions, as well as the sharing of technical expertise related to foreign investment attraction. Furthermore, it encourages local tech and other companies in both jurisdictions to consider expanding or establishing their operations in each other’s areas. The agreement also extends support for and simplifies the organisation of tech-focused business missions and investment promotion events to promote bilateral tech investment between Hong Kong and Egypt.

The Acting Director-General of Investment Promotion at InvestHK believes that the MoU represents a noteworthy achievement in technological collaboration between Hong Kong and Egypt. He highlighted Hong Kong’s role as a pivotal international tech hub within the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative, emphasising its capacity to serve as a reliable and efficient bridge between Mainland China and the global tech community. By leveraging Hong Kong’s global standing, enterprises from both Egypt and Mainland China can enhance their presence within each other’s tech ecosystems, capitalising on the growing opportunities in the Mainland and across the broader Asia-Pacific region.

The Chief Executive Director of GAFI also made a statement explaining that GAFI had engaged in the MoU with InvestHK to advance bilateral technological cooperation between Egypt and Hong Kong. The primary objectives include encouraging investments from both regions and facilitating a rise in mutual visits by business delegations.

The overarching goal is to investigate the extensive possibilities for tech investment in both Egypt and Hong Kong. The Chief Executive Director expressed that both entities are enthusiastic about the potential for enhanced collaboration in tech and other sectors between the Arab Republic of Egypt and Hong Kong.

OpenGov Asia also reported on the partnership between the Hong Kong Science and Technology Parks Corporation (HKSTP) and a Saudi-focused investment institution that played a pivotal role in facilitating the visit of the Saudi Minister of Communications and Information Technology (MCIT) and his delegation to Hong Kong.

This reciprocal visit followed a significant event in Riyadh, where the Chief Executive of Hong Kong SAR attended the LEAP 2023 event hosted by MCIT and witnessed the establishment of the Saudi Arabia-China Entrepreneurs Association (SCEA), marking an important milestone in Hong Kong-Saudi relations. During the visit, key meetings were held between the MCIT and high-ranking officials in Hong Kong, emphasizing their commitment to technology and investment collaboration.

Several companies signed a Memoranda of Understanding with the Saudi institution, expressing their interest in the Saudi market and SCEA participation. Furthermore, the announcement of SCEA’s first Asia chapter in Hong Kong underscored the region’s growing importance as a tech-driven hub for entrepreneurship and investment, cementing the foundation for continued collaboration between Hong Kong and Saudi Arabia in the tech and innovation sectors.

Hong Kong’s commitment to fostering international collaboration and innovation in the field of Information and Technology (I&T) is abundantly clear through its recent partnerships with Egypt and Saudi Arabia. These Memoranda of Understanding (MoUs) not only signify a deeper commitment to mutual cooperation but also showcase Hong Kong’s pivotal role as a global tech hub, bridging connections between regions and facilitating the exchange of expertise, investments, and innovation.

With its strategic position within the Greater Bay Area and the Belt and Road Initiative, Hong Kong continues to serve as a thriving epicentre for I&T, opening doors for businesses and entrepreneurs to tap into the boundless opportunities within its dynamic ecosystem and across the Asia-Pacific region. As these collaborations evolve and strengthen, Hong Kong remains at the forefront of shaping the future of technology and entrepreneurship on a global scale.

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