Invest Hong Kong (InvestHK) and the General Authority for Investment and Free Zones (GAFI) of the Arab Republic of Egypt have formalized their partnership by signing a Memorandum of Understanding (“MoU”) at InvestHK’s Head Office. This MoU reflects their commitment to cooperation in the realm of investment promotion exchanges and support.

Strengthening Ties between Hong Kong and Egypt

The MoU, signed between the Acting Director-General of Investment Promotion at InvestHK, Dr Jimmy Chiang, and the Chief Executive Director of GAFI, Mr Hossam Heiba, aims to strengthen the already close relations between Hong Kong and Egypt. This collaborative effort focuses on promoting mutual growth and cooperation in the field of investments, with a specific emphasis on attracting foreign investments and fostering innovation.

Facilitating Information Exchange and Tech Growth

Central to the MoU is the exchange of vital information regarding business environments and opportunities in both regions, as well as sharing technical expertise related to attracting foreign investments. The agreement also encourages local tech and other companies in both jurisdictions to explore expansion or establishment of their operations in each other’s areas. Furthermore, it facilitates tech-focused business missions and investment promotion events to strengthen bilateral tech investment between Hong Kong and Egypt.

Hong Kong as a Global Tech Hub

Dr Jimmy Chiang (Acting Director-General of Investment Promotion at InvestHK) highlights this MoU as a significant achievement in technological collaboration between Hong Kong and Egypt. He underscores 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. Hong Kong serves as a reliable and efficient bridge between Mainland China and the global tech community.

Leveraging Hong Kong’s global standing, enterprises from both Egypt and Mainland China can enhance their presence within each other’s tech ecosystems, capitalizing on growing opportunities in the Mainland and the broader Asia-Pacific region.

Egypt’s Perspective on Collaboration

Mr. Hossam Heiba (Chief Executive Director of GAFI), shares that the MoU signifies their commitment to advancing bilateral technological cooperation between Egypt and Hong Kong. The primary goals are to encourage investments from both regions and facilitate increased mutual visits by business delegations.

The overall aim is to explore extensive opportunities for tech investment in both Egypt and Hong Kong. The Chief Executive Director expresses enthusiasm for enhanced collaboration in tech and other sectors between the Arab Republic of Egypt and Hong Kong.

Hong Kong’s Expanding Tech Collaborations

This collaboration follows a significant partnership between the Hong Kong Science and Technology Parks Corporation (HKSTP) and a Saudi-focused investment institution. The visit of the Saudi Minister of Communications and Information Technology (MCIT) and his delegation to Hong Kong further solidified the growing tech and innovation collaboration between Hong Kong and Saudi Arabia.

Key meetings during the visit emphasized the commitment to technology and investment collaboration, with several companies signing Memoranda of Understanding to express their interest in the Saudi market and participation in the Saudi Arabia-China Entrepreneurs Association (SCEA). The establishment of SCEA’s first Asia chapter in Hong Kong underscores the region’s importance as a tech-driven hub for entrepreneurship and investment.

Hong Kong’s Role in Global Tech and Innovation

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

With its strategic position within the Greater Bay Area and the Belt and Road Initiative, Hong Kong continues to lead the way in shaping the future of technology and entrepreneurship on a global scale. As these collaborations evolve and strengthen, Hong Kong remains at the forefront of the global tech landscape.