Israel, Hong Kong sign financial tech agreement

“Trade relations between the two economies are stronger than ever,” Israel’s economy minister said after signing fintech agreement with Hong Kong.

By: Yona Schnitzer, TPS

Finance Minister Moshe Kahlon signed an agreement Wednesday with his Hong Kong counterpart, Paul Chan, to promote cooperation in the field of Fintech. Chan is in Israel along with Hong Kong Secretary for Financial Services James Lau, as well as a delegation of over 20 businessmen.

Earlier, Chan and Lau met with Economy Minister Eli Cohen and Chief Scientist Dr. Ami Appelbaum to discuss ways to strengthen business ties with Israel, which is Hong Kong’s second-largest trade partner in the Middle East. Among the initiatives being explored are ways to strengthen cooperation between the two states in fields such as Fintech, Artificial Intelligence and Biotech.

“The visit by such high ranking officials is testament to Israel’s importance as a trade partner, a source for advanced technologies, and an attractive investment destination for Hong-Kong. The trade relations between the two economies are stronger than ever… Israel and Hong-Kong have massive potential for economic cooperation, with Israel embodying a center for innovation, R&D, and scientific breakthroughs, and Hong-Kong being one of the world’s leading financial centers,” Cohen said.

In 2017, trade between Israel and Hong-Kong amounted to $6.1 billion, with diamond exports from Hong Kong accounting for roughly two thirds of trade. Israeli exports to Hong Kong, without diamonds, amounted to $606 million, with electronic machinery and equipment accounting for $265 million. Israel imports $1.2 billion of goods from Hong Kong.