Saudi Arabia looks to Hong Kong as a gateway to mainland China for ICT development
Saudi Arabia seeks to strengthen its partnership with Hong Kong, emphasising the significance of digital infrastructure like 5G for ICT development and exploring collaborations with Chinese companies, envisioning innovation-based economic growth and transformative partnerships in fintech, entrepreneurship, biotech, smart cities, environment, cloud computing, and generative AI.
Saudi Arabia aims to strengthen its partnership with Hong Kong and leverage the city as a gateway to mainland China as part of its Vision 2030 economic plan. Recognising the importance of a robust digital infrastructure like 5G for ICT development, Saudi Arabia intends to explore collaborations with Chinese companies, including Huawei Technologies and ZTE.
According to Abdullah Al-Swaha, the Saudi Minister of Communications and Information Technology, the country is determined to expand its partnership with Hong Kong. He highlighted how the successful transformation of information and communications technology (ICT) in mainland China and Hong Kong is a notable achievement that Saudi Arabia is eager to replicate. ‘[Hong Kong and Saudi Arabia] are going through very promising transformations, where both economies are financial hubs in their own regions,’….. ‘we have an opportunity to build an innovation bridge, to leapfrog into the future with an innovation-based economy’ Al-Swaha stated during an interview with the Post.
The minister highlighted the potential for collaboration in areas such as fintech, technological entrepreneurship, biotechnology, smart cities, environment, cloud computing, and generative AI, envisioning an innovation-based economy and a leap into the future.
Saudi Arabia’s Vision 2030
Saudi Arabia’s Vision 2030, is acomprehensive reform initiative launched that aims to reduce oil dependence, diversify the economy, and enhance public services like healthcare, education, infrastructure, recreation, and tourism. The vision encompasses three main themes: a vibrant society, a thriving economy, and an ambitious nation. Key objectives include strengthening economic activities, boosting non-oil international trade, developing the financial sector, achieving fiscal sustainability, promoting private sector growth, and improving education.