Financial Secretary Visits Qatar to Strengthen Cooperation and Explore Investment Opportunities

FS begins visit to Qatar

The Financial Secretary, Mr Paul Chan, arrived in Doha, Qatar, yesterday (September 27, Doha time) to begin his visit there. He met respectively with the President and Chair of the Board of Directors of the Asian Infrastructure Investment Bank (AIIB), Ms Zou Jiayi; Qatar's Minister of Finance, H.E. Ali bin Ahmed Al Kuwari; and a number of political, business, financial, investment and corporate leaders in Qatar to exchange views on deepening co-operation.

During his meeting with Ms Zou, Mr Chan had an in-depth exchange on issues including deepening co-operation between the two sides, promoting regional infrastructure development and sustainable development, and making better use of Hong Kong's strengths in financial markets, professional services and talent. Mr Chan welcomed the AIIB's establishment of an office in Hong Kong, and looked forward to expanding co-operation between the two sides to areas such as catastrophe bond issuance, green and transition finance, technology and innovation, and talent training.

Mr Chan met with Qatar's Minister of Finance, H.E. Ali bin Ahmed Al Kuwari, yesterday morning to discuss the international political, economic and financial landscape, the economic development policies of the two places, and the direction for strengthening co-operation between the two sides. He said that the Middle East is actively promoting economic diversification and diversified asset allocation amid the current geopolitical situation, bringing new opportunities for Hong Kong and Qatar to expand co-operation. As an important functional platform for the Belt and Road Initiative, Hong Kong can leverage its strengths in finance, trade, infrastructure development, innovation and technology, and professional services to complement Qatar's development needs, and promote capital flows, two-way investment, as well as business and industry collaboration between the two places.

Mr Chan then met with representatives of the Qatari Businessmen Association. Business leaders from various sectors including finance, insurance, trade, energy and shipping attended the meeting, at which the two sides had in-depth exchanges. He introduced Hong Kong's unique advantages under "one country, two systems" as a two-way platform connecting the Mainland and the world. He pointed out that Hong Kong, on the one hand, enjoys the strong support of the motherland, enabling international enterprises to conveniently, and even with priority, access the vast Chinese Mainland market; and on the other hand continues to practise the common law system, maintain the free flow of capital and its status as a free port, and keep its business rules aligned with international standards, thereby providing enterprises with a safe, familiar and business-friendly environment. He also introduced the opportunities brought about by the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Northern Metropolis, in particular the development layout of "South North Dual Engine (Finance IT)", and welcomed Qatari enterprises and investors to participate in the development of the Northern Metropolis and jointly explore business opportunities in Innovation and Technology (I&T) industries.

Mr Chan said that the two sides could organise reciprocal visits by business delegations and explore institutional co-operation in areas such as commerce, trade and investment. He said that Hong Kong would be pleased to explore establishing mutual recognition arrangements with the Qatar Stock Exchange, so as to facilitate dual listings in Hong Kong by Qatari enterprises wishing to expand their businesses in China and the Asia-Pacific region, enabling them to make good use of Hong Kong's international fundraising platform to attract international and Mainland capital in support of their business development.

Mr Chan also met respectively with the Chief Executive Officer of Doha Venture Capital, Mr Mohammed Al-Abdulla, and the Chief Financial Officer, Mr Niall Byrne, and the Chief Investment Execution, Mr Ken McLaren, of the Qatar Investment Authority to explore ways to strengthen two-way investment and industry collaboration.

In addition, Mr Chan met respectively with the senior management of Lesha Bank Group and Al Asmakh Group Holding. He briefed them on Hong Kong's economic, financial, trade and I&T development, and encouraged them to establish a presence in Hong Kong, expand their businesses and invest in I&T industries.

In the evening, Mr Chan attended the AIIB President's Reception hosted by Ms Zou, where he exchanged views with representatives of governments, multilateral development organisations, financial institutions and the business sector from various places.

Mr Chan will continue his visit in Doha today (September 28, Doha time), attend events related to the AIIB Annual Meeting, and depart for Hong Kong late at night.

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (third left) meeting with representatives of Al Asmakh Group Holding. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (second left) meeting with the Chief Executive Officer of Doha Venture Capital, Mr Mohammed Al-Abdulla (first right). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (third left) meeting with the Group Chief Executive Officer of Lesha Bank, Mr Mohammed Ismail Al Emadi (third right). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (third left) meeting with the Chief Financial Officer of the Qatar Investment Authority, Mr Niall Byrne (third right). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank (AIIB) Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (third right) meeting with the President and Chair of the Board of Directors of the AIIB, Ms Zou Jiayi (fifth left). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (centre) meeting with representatives of the Qatari Businessmen Association, including H.E. Sheikh Hamad bin Faisal bin Thani Al Thani (fifth right) and H.E. Sheikh Nawaf bin Faisal Al Thani (fourth right). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank (AIIB) Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (right) meeting with the President and Chair of the Board of Directors of the AIIB, Ms Zou Jiayi (left). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (third left) meeting with representatives of the Qatari Businessmen Association, including H.E. Sheikh Hamad bin Faisal bin Thani Al Thani (third right) and H.E. Sheikh Nawaf bin Faisal Al Thani (fourth right). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (left) meeting with Qatar's Minister of Finance, H.E. Ali bin Ahmed Al Kuwari (right). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with representatives of various organisations in Doha on September 27 (Doha time) whilst attending the Asian Infrastructure Investment Bank Annual Meeting, to exchange views on financial, investment and economic co-operation. Photo shows Mr Chan (left) meeting with Qatar's Minister of Finance, H.E. Ali bin Ahmed Al Kuwari (right). Source: HKSAR Government Press Releases

Government to introduce Centre for Medical Products Regulation Bill into LegCo

The Centre for Medical Products Regulation Bill was gazetted today (November 13) to establish the statutory status of the Centre for Medical Products Regulation (CMPR) and rationalise the regulatory framework for Chinese and Western medicines as well as that for medical devices in the future.

The Secretary for Health, Professor Lo Chung-mau, said, "The establishment of the CMPR marks a significant milestone in Hong Kong's regulatory reform of medical products. The Government will comprehensively and proactively align with the National 15th Five-Year Plan, fully leveraging Hong Kong's distinctive advantages of the strong support of the motherland and connection to the world under the 'one country, two systems' principle. We will establish a proactive mechanism for the evaluation and approval of medical products, enabling advanced products to be introduced into Hong Kong more quickly for the benefit of patients and developing Hong Kong into an international health and medical innovation hub.

"We will continue to deepen collaboration with regulatory authorities around the world and pursue recognition from international authorities. Our long-term goal is to develop the CMPR into an internationally recognised regulatory authority for medical products."

The major proposals under the Bill include: (1) establishing the CMPR as a body corporate to represent Hong Kong, China in international regulatory affairs concerning medical products and establish formal, long-term working relationships with leading regulatory authorities worldwide; (2) building on the existing legislation to transfer the relevant regulatory powers and functions concerning Chinese and Western medicines, currently vested in the Pharmacy and Poisons Board of Hong Kong, the Chinese Medicines Board of the Chinese Medicine Council of Hong Kong and their committees and those of medical devices after legislation in the future, to the Director of Health, with a view to unifying the regulatory framework; and (3) enhancing the relevant supporting mechanisms and making necessary technical amendments.

Professor Lo emphasised, "The Government is committed to providing a world-class and modern regulatory environment to accelerate the clinical application of innovative medical products while ensuring their safety, quality and efficacy, making good drugs and medical devices available for use in Hong Kong. We will also support the emerging biomedicine industry in the research and development of innovative medical products, facilitating their introduction into Hong Kong and expansion into international markets."

The Government consulted the Legislative Council (LegCo) Panel on Health Services on relevant legislative proposals in April this year and has maintained communication with the Chinese and Western medicine sectors and other stakeholders to listen to their views.

The Bill will be introduced into the LegCo for the First Reading on November 25.

Source: AI-found images