Hong Kong, a leading trade partner of the UAE, said on Wednesday it is well-positioned — as the key gateway to the fast-growing Chinese market — to offer investors and businesses from the Emirates and other GCC countries fast, convenient and safe access to the mainland through a one-stop legal services platform.
Paul Lam Ting-kwok, secretary for justice of the Hong Kong Special Administrative Region, said as a ‘super connector’ and a ‘super value-adder” between China and countries outside China, the region’s unique common law system can provide global investors top-quality, user-friendly and reliable legal services to enable them to explore business and investment opportunities, not just in Hong Kong, but in China as a whole.
In 2023, Hong Kong solidified its position as a major trading partner for the UAE in the Middle East region. The non-oil foreign trade value between the UAE and Hong Kong surged from $9.4 billion in 2020 to $16.23 billion in 2022. In 2019, the two sides signed an agreement to protect and promote cross-order investment. Hong Kong also seeks to project itself as a destination for family offices from the Gulf region.
Speaking at a forum titled “Hong Kong – The Common Law Gateway for UAE Businesses to China and Beyond” held in Dubai to promote the Special Administrative Region’s legal and dispute resolution services, Lam said Hong Kong has been assigned to be the international legal and dispute resolution services centre under various important national development plans of China.
The forum was organised by the Department of Justice, the Hong Kong Trade Development Council (HKTDC) and the Hong Kong Economic and Trade Office in Dubai, and co-organised by the Dubai Chambers. The Ambassador Extraordinary and Plenipotentiary of China to the UAE, Zhang Yiming; and the President and CEO of the Dubai Chambers, Mohammad Ali Rashed Lootah, delivered their speeches at the forum.
“The UAE and China have a very strong history of friendship, dating back to the days of the ancient Silk Road. The modern Silk Road is under construction between the two countries. And in this very important construction work, Hong Kong plays a very significant role. Under the principle of “one country, two systems”, Hong Kong enjoys many unique advantages and characteristics, one of which is our common law system. Hong Kong is the only common law jurisdiction in China,” Lam said.
Lam also held a meeting with Abdullah bin Sultan bin Awad Al Nuaimi, the Minister of Justice of the UAE, and discussed issues of mutual interests and explored opportunities to foster legal collaboration between the two places during the event.
“We are here today to accomplish a very important mission. The mission is to promote and to establish a better and closer relationship between UAE and Hong Kong, in particular in the area of legal co-operation. This very important mission has to be considered in the context of Hong Kong being a special administrative region of China,” Lam added.
“Hong Kong is a gateway, which serves as a platform that can take you from your country to China. We can ensure that you will have fast, convenient and safe access to China. Our legal system and our legal services can provide or act as a one-stop shop. We are ready, willing and able to provide top-quality, user-friendly and reliable legal services to enable you to explore business and investment opportunities, not just in Hong Kong, but in China as a whole,” Lam elaborated.
“Starting from the point you consider to set up a business venture in Hong Kong, using it as a platform for investing in China for example, to the point of time where you wish to expand your business by IPOs, and to the moment when, unfortunately, some disputes arise and you have to resolve your dispute, and to the point you decided to reap the profit or fruits of your investment by leaving or terminating the relationship. These are the sort of one-stop shop services that Hong Kong’s common law system can offer, which cannot be found elsewhere,” he said.