Middle East Economic Might Crucial to Belt and Road Initiative, Says Hong Kong Leader John Lee

Hong Kong chief executive John Lee expects the “economic might” of the Middle East to play a key role in the China-led Belt and Road Initiative, which is increasingly being positioned as a counterweight to the imbalance created by geopolitical challenges.

Speaking at the Belt and Road Summit in Hong Kong on Wednesday, Mr Lee noted that the world was “struggling with unprecedented change and geopolitical fragmentation” without directly citing the US-led war in Iran. “Connectivity, co-operation and consensus are essential,” he added.

The role of the Middle East received special focus at the 11th edition of the summit, featuring a dedicated panel and exhibitor zone with representatives from the UAE, Saudi Arabia, Kuwait, Qatar and Oman. More than a dozen Middle East countries are members of the Belt and Road Initiative.

Since becoming Hong Kong's leader in 2022, Mr Lee has led high-level delegations to the UAE, Saudi Arabia, Qatar and Kuwait to boost co-operation. Bahrain, Egypt, Iran, Iraq, Lebanon, Oman, Syria, Turkey and Yemen are also part of the 150-member initiative.

“Our approach to exploring new markets is itinerant… We focus on specific areas and key economies,” Mr Lee stated, adding that growing exchanges between Middle Eastern economic centres and Hong Kong are paving the way for accelerated trade growth.

Frederick Ma, chairman of the Hong Kong Trade Development Council, emphasized the need for economic diversification to cushion the blow of geopolitical conflicts, calling it a necessity rather than a choice in a risk-filled world.

Organised by the Hong Kong government and the Hong Kong Trade Development Council, the summit serves as a platform for businesses and policymakers to explore trade and investment opportunities across more than 65 countries.

Launched in 2013, the Chinese-led initiative has evolved into the largest infrastructure endeavour by a single country, with investment values nearing $1.4 trillion according to data from the Griffith Asia Institute and the Green Finance and Development Centre. Recent reports highlight massive growth in energy-related engagements, oil, gas, and green energy projects.

This year's summit is projected to finalise more than 60 government deals and preliminary agreements, building on more than $3 billion worth of projects forged ahead of the event.