Chief executive says Hong Kong diversifying to become more conducive to Islamic finance

By Anadolu staff

ANKARA (AA) - Efforts are being made to diversify Hong Kong’s markets to become more conducive to Islamic finance, Chief Executive John Lee said on Wednesday as he met the Indonesian business community in Jakarta.

"We strive to enhance our financial market's diversity, including in Islamic finance. Over the past decade, we have created a conducive platform for sukuk issuance, including amending our laws to provide a tax structure for sukuk that is comparable with that for conventional bonds," he said.

"In addition to the sukuk issued under the Government Bond Programme, our Islamic financial products and services include the sukuk issued by foreign entities and listed on the Hong Kong Stock Exchange, Islamic funds and Islamic banking windows."

We welcome with open arms, investors, companies and talents to expand their international horizons in Hong Kong and through Hong Kong, he added.

The Hong Kong leader, who is on week-long regional tour, also held a meeting with Indonesian President Joko Widodo, signed 15 memorandums of understanding (MoUs), and vowed to further enhance ties with Association of Southeast Asian Nations (ASEAN) countries.

The agreements covered green finance, maritime services, meteorology, aerospace and the promotion of sustainable finance.

"We are more than eager to invite Indonesia, and our friends in ASEAN, to join us in furthering the dynamic development" of the Guangdong-Hong Kong-Macao Greater Bay Area, or GBA, said the city state leader, who will depart for Malaysia on Thursday.

Earlier, he told a press conference that Hong Kong and Indonesia enjoy "close and long-standing ties in trade and investment."

Talking about his meeting with Jokowi, Lee said he told the president that Hong Kong is determined to strengthen co-operation with Indonesia on various fronts such as trade, investment, finance, innovation and technology as well as culture and tourism.

*Writing by Islamuddin Sajid