InvestHK Strengthens Ties with Emerging Markets in Eastern Europe, Africa, and the Middle East

InvestHK forges economic ties with multiple emerging markets through outreach to Eastern Europe, Africa, and the Middle East

​Invest Hong Kong (InvestHK) announced today (May 19) that the Director-General of Investment Promotion and leadership team have completed multiple duty visits to emerging markets in Eastern Europe, Africa, and the Middle East this month, actively promoting Hong Kong's business advantages and opportunities in overseas markets and fostering mutual co-operation. The team participated in various events, met with government organisations, chambers of commerce, business leaders, and company representatives, to deepen exchange in economic and trade between Hong Kong and these places. During the visit to the Middle East, as witnessed by the Chief Executive, Mr John Lee, and local leaders, a Memorandum of Understanding (MoU) was signed to strengthen economic and trade ties and promote deeper business collaboration between the two regions.

The Director-General of Investment Promotion, Ms Alpha Lau, Associate Director-General of Investment Promotion Mr Charles Ng, Acting Associate Director-General of Investment Promotion Ms Loretta Lee, and sector team heads visited Türkiye, Hungary, Egypt, Côte d'Ivoire, Morocco, Qatar, Kuwait, Dubai, Abu Dhabi, Oman, and Romania, actively promoting Hong Kong's business advantages and opportunities. They emphasised Hong Kong's advantages of connecting the country with the world under one country, two systems, and sought to actively expanding into emerging markets, deepen international exchanges and co-operation, anddemonstratethe synergistic power of the complementary strengths between the city and the Mainland.

Mr Lee led a business delegation to Qatar and Kuwait from May 11 to 14, Ms Loretta Lee was part of the delegation. Witnessed by the Chief Executive, three MoUs were signed with the Qatar Chamber of Commerce and Industry, the Qatar Businessmen Association, and the Kuwait Direct Investment Promotion Authority, further strengthening collaborative relationships.

Ms Alpha Lau visited emerging markets along the Belt and Road initiative including Istanbul, Türkiye; Budapest, Hungary;and Cairo, Egypt,from May 10 to 20, meeting with external economic relations committees, export promotion agencies, investment promotion agencies, chambers of commerce, financial services organisations and strategic enterprises, to promote Hong Kong's business advantages and opportunities and the advantages of raising capital through Hong Kong. She spoke at multiple business seminars co-organised by chambers of commerce, business associations, and external economic relations committees, expanding networks and seeking new business opportunities for Hong Kong and hosted two media roundtable discussions to tell the good stories ofHong Kong.

Mr Ng visited Abidjan, Côte d'Ivoire, and Casablanca, Morocco, from May 11 to 16. In Côte d'Ivoire, Mr Ng spoke at a CEO Forum and engaged with chambers of commerce and industry to highlight Hong Kong's role as a super-connector in the Belt and Road Initiative. In Morocco, he met with various financial institutions and professional associations to emphasise Hong Kong's robust financial markets and innovation ecosystem. Mr Ng also met with local media to promote Hong Kong's business advantages.

Global Head of Financial Services, FinTech & Sustainability at InvestHK, Mr King Leung met with representatives from local financial institutions in Oman, Dubai, and Abu Dhabi to discuss opportunities for digital and technological collaboration between the two regions. The Head of Consumer Products, Ms Angelica Leung met with retail and luxury brand leaders in Bucharest, tapping into emerging markets like Romania and demonstrating why Hong Kong is the ideal location to set up a regional headquarters to thrive across the region's retail and luxury sectors.

Ms Lau said, "In addition to reaching out to traditional markets, InvestHK is also strengthening economic ties with emerging markets to create more collaboration opportunities. Amid unprecedented global economic challenges and the reshaping of global supply chains, overseas enterprises are keen to expand their presence in Asia. InvestHK will align with the Belt and Road Initiative and the trend ofcollaborating with the 'Global South', deepen international exchanges and collaboration, actively promote cross-border investment, capital market cooperation, and technological innovation exchanges, and assist enterprises in establishing and expanding their business in Hong Kong and the wider region."

InvestHK forges economic ties with multiple emerging markets through outreach to Eastern Europe, Africa, and the Middle East Source: HKSAR Government Press Releases

InvestHK forges economic ties with multiple emerging markets through outreach to Eastern Europe, Africa, and the Middle East Source: HKSAR Government Press Releases

InvestHK forges economic ties with multiple emerging markets through outreach to Eastern Europe, Africa, and the Middle East Source: HKSAR Government Press Releases

InvestHK forges economic ties with multiple emerging markets through outreach to Eastern Europe, Africa, and the Middle East Source: HKSAR Government Press Releases

InvestHK forges economic ties with multiple emerging markets through outreach to Eastern Europe, Africa, and the Middle East Source: HKSAR Government Press Releases

Owners of three detached houses of Redhill Peninsula fined over $270,000 in total for carrying out unauthorised building works

Owners of three detached houses of Redhill Peninsula pleaded guilty at the Eastern Magistrates' Courts last Thursday (January 8) to carrying out unauthorised building works (UBWs) in contravention of section 14(1) of the Buildings Ordinance (BO) (Cap. 123) , namely, knowingly undertaking building works without prior approval and consent from the Buildings Department (BD). They were fined $275,000 in total by the court.

The BD conducted a large-scale operation in September 2023 to inspect houses along the coastal area of Redhill Peninsula. UBWs were found in a number of detached houses, including the aforementioned three houses. The investigation by the BD found that the owners of the three houses had knowingly carried out the UBWs without the prior approval and consent from the BD, including adding structures to the garden, open yard, living room, bedroom, flat roof and the rooftop, thus contravening section 14(1) of the BO. Hence, the BD instigated prosecution action against the owners under section 40(1AA) of the BO in August and September 2024. They were convicted and fined $130,000, $85,000 and $60,000 respectively last Thursday.

"The BD has already instigated prosecution actions against 30 detached houses on Redhill Peninsula. So far, 24 cases have been convicted by the courts for contravening section 14(1) of the BO. Court hearings for the remaining cases are being rolled out," a BD spokesman said today (January 12).

The spokesman said that property owners should consult building professionals before carrying out building works to ensure compliance with the BO.

Pursuant to section 40(1AA) of the BO, any person who knowingly contravenes section 14(1) (i.e. commencement or carrying out any building works without having first obtained approval and consent from the BD) commits an offence and is liable upon conviction to a maximum fine of $400,000 and imprisonment for two years, and a further fine of up to $20,000 for each day that the offence continues.

The Government will submit a bill to the Legislative Council to amend the BO this year, which will include increasing penalties for offences against serious UBWs to enhance deterrence.