Financial Secretary Welcomes Sohar International Bank's Historic Launch in Hong Kong

Speech by FS at launch event of Sohar International Bank in Hong Kong

Following is the speech by the Financial Secretary, Mr Paul Chan, at the launch event of Sohar International Bank in Hong Kong today (September 10):

Your Excellency Ambassador Al Hinai (Ambassador-at-Large at the Foreign Ministry of Oman, Mr Abdulaziz Abdullah Al Hinai), Your Excellencies, Nicholas (Commissioner for Belt and Road, Mr Nicholas Ho), Alpha (Director-General of Investment Promotion, Ms Alpha Lau), distinguished guests, ladies and gentlemen,

Good evening.

It is a pleasure to join you for the opening of Sohar International's representative office - the first presence of an Omani bank in Hong Kong, and Sohar International's first office in Asia. We are proud to serve as your gateway to this region, and grateful for your confidence in our city.

To our friends who have travelled from Muscat and Sohar, a very warm welcome to Hong Kong.

Sohar International's arrival reflects a broader momentum. Over the past few years, Hong Kong and the Middle East have drawn steadily closer - in trade and investment, finance, innovation and culture. Our trade with the Gulf states has grown strongly, while Gulf sovereign investors are allocating a significantly greater share of their global portfolios to Asia. This is more than a passing trend. It is a structural shift in capital and commerce, and Hong Kong is well placed to help connect the two regions. Your presence here is a welcome affirmation that these ties are deepening.

Others this evening will tell Sohar International's story far better than I can. Let me simply say that becoming Oman's second-largest and fastest-growing bank in less than two decades is a remarkable achievement. You bring to Hong Kong not only a wider geographical reach for our banking sector, but also deep market knowledge and strong connections across the Gulf. We are delighted to welcome you to our financial community.

Oman occupies a strategic position along the maritime Belt and Road. Your office here can help channel capital and facilitate trade and investments along these important routes. To support those flows, Hong Kong offers financial, legal and other professional services essential to projects in infrastructure, logistics, energy, agriculture and food security.

Hong Kong-Oman collaboration is already taking good shape. Future Fund Oman, part of the Oman Investment Authority (OIA), has partnered with a Hong Kong-headquartered alternative asset manager to launch Oman's first Energy Transition Fund.

And I am delighted to note that this morning, the OIA announced its plan to participate in Hong Kong's vibrant start-up ecosystem by investing up to HK$250 million as a partner to the Innovation and Technology Venture Fund established by the Hong Kong SAR (Special Administrative Region) Government.

Projects like these bring together Omani sovereign capital, international investors, Hong Kong investment expertise and projects in both places. That combination illustrates how our strengths can complement one another. It also creates further opportunities for project finance, loan syndication and treasury solutions.

The partnership we celebrate tonight works both ways. For Hong Kong and Mainland enterprises looking to expand into the Gulf, Sohar International is a partner with deep sovereign and corporate relationships, first-hand market knowledge, and the experience to help businesses find the right opportunities and build the right connections.

In turn, Hong Kong offers your clients a gateway to the Chinese Mainland and across Asia, in particular the wider Guangdong-Hong Kong-Macao Greater Bay Area. They can draw on our capital markets, our asset and wealth management industry, our insurance and risk management expertise, our growing family office ecosystem, our top-notch talent pool, and the world's deepest pool of offshore Renminbi liquidity. Under the "one country, two systems" framework, Hong Kong combines close connectivity with the Mainland and internationally familiar business practices. This allows us to serve not only as a "super connector", bringing businesses and markets together, but also as a "super value-adder", helping those connections deliver lasting value.

You also arrive at a time of considerable strength for our financial sector. Hong Kong's asset and wealth management business reached a record US$5.4 trillion at the end of last year, up 20 per cent, while net fund inflows nearly tripled. We have enhanced the tax and regulatory environment for funds and family offices, and we are strengthening our capabilities in green and transition finance. For a bank with strong roots in energy, trade and infrastructure financing, Hong Kong offers you ample scope to prosper.

Ladies and gentlemen, a representative office is just a beginning. We look forward to supporting your growth and helping you turn new connections into lasting partnerships. My door - and those of the Hong Kong Monetary Authority and InvestHK (Invest Hong Kong) - will always be open.

Let me close by congratulating Sohar International on this important milestone. I wish you every success in Hong Kong and across Asia. Thank you.

Invest Hong Kong (InvestHK) today (September 10) welcomed Sohar International's launch of its Asia Pacific Office in Hong Kong, marking the first Omani bank having a presence in the city. Photo shows the Financial Secretary, Mr Paul Chan (front row, centre); the Ambassador-at-Large at the Foreign Ministry of Oman, Mr Abdulaziz Abdullah Al Hinai (front row, fourth right); the Chairman of the Board of Directors of Sohar International, Mr Said Mohamed Al-Aufi (front row, fourth left); the Chief Executive Officer of Sohar International, Mr Abdulwahid Mohamed Al Murshidi (front row, third right); the Chairman of the Hong Kong Tourism Board, Dr Peter Lam (front row, third left); the Deputy President of the Oman Investment Authority for Operations, Mr Muneer Ali Al Muneeri (front row, second right); the Advisor for Foreign Trade and International Cooperation of Ministry of Commerce, Industry and Investment Promotion, Mr Pankaj Khimji (front row, second left); the Commissioner for Belt and Road, Mr Nicholas Ho (front row, first left); the Director-General of Investment Promotion, Ms Alpha Lau (front row, first right), and other guests at the opening ceremony. Source: HKSAR Government Press Releases

Invest Hong Kong today (September 10) welcomed Sohar International's launch of its Asia Pacific Office in Hong Kong, marking the first Omani bank having a presence in the city. Photo shows the Financial Secretary, Mr Paul Chan (second left) and the Ambassador-at-Large at the Foreign Ministry of Oman, Mr Abdulaziz Abdullah Al Hinai (right left), officiating at the gong-striking ceremony. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, speaks at the launch event of Sohar International Bank in Hong Kong today (September 10). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, speaks at the launch event of Sohar International Bank in Hong Kong today (September 10). Source: HKSAR Government Press Releases

Matching session and kick-off ceremony of 14th Microfilm Production Support Scheme (Music) held

Sponsored by the Cultural and Creative Industries Development Agency (CCIDA) under the Culture, Sports and Tourism Bureau and organised by the Hong Kong Association of Interactive Marketing, the 14th Microfilm Production Support Scheme (Music) held its matching session and kick-off ceremony today (October 5), promoting cross-sector collaboration among Hong Kong's advertising, film and television, and music industries.

Speaking at the kick-off ceremony, Assistant Commissioner for Cultural and Creative Industries Miss Yvonne Ip noted that since its launch, the scheme has facilitated collaboration between more than 340 advertising production companies and some 290 groups of singers, providing the local film and television, advertising, and music sectors with a valuable creation platform and hands-on opportunities. CCIDA will continue to actively foster cross-sector collaboration in the local creative industries, with a view to promoting the professionalism, industrialisation and internationalisation of the industries.

This year's scheme consists of two funding categories, namely the "Advertising Production Start-ups" and the "Professional Advertising Production Houses". The selected creative teams will receive production funding as well as professional training and mentoring opportunities to produce original microfilms. At the kick-off ceremony, 10 start-up advertising production companies under the category of "Advertising Production Start-ups" were paired with singers, while the five teams under the category of "Professional Advertising Production Houses" were formed by directors, scriptwriters, singers and advertising production companies individually. The microfilms will premiere online in January next year and will be showcased to the industry at the Hong Kong International Film and TV Market (FILMART) in March next year.

Launched in 2013, the Microfilm Production Support Scheme (Music) is a cross-sector collaboration initiative that brings together advertising and film production with music creation. It aims to enable local emerging directors and their creative teams to collaborate with local singers in producing original microfilms, thereby promoting the development of Hong Kong’s creative industry ecosystem.

For more information about the 14th Microfilm Production Support Scheme (Music), please visit www.hkmfa.hk (Chinese only).

Matching session and kick-off ceremony of 14th Microfilm Production Support Scheme (Music) held Source: HKSAR Government Press Releases