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.
Without directly citing the US-led war in Iran, Mr Lee, at the Belt and Road Summit in Hong Kong on Wednesday, said the world was “struggling with unprecedented change and geopolitical fragmentation”.
“Connectivity, co-operation and consensus are essential,” he added.
The role of the Middle East has been given special focus at the 11th edition of the summit with the addition of a dedicated panel and exhibitor zone that includes 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,
Under Mr Lee, who became Hong Kong's leader in 2022, high-level delegations from the territory have travelled to the UAE, Saudi Arabia, Qatar and Kuwait, seeking to boost co-operation. Bahrain, Egypt, Iran, Iraq, Lebanon, Oman, Syria, Turkey and Yemen are also members of the more than 150-member Belt and Road Initiative.
“Our approach to exploring new markets is itinerant … We focus on specific areas and key economies,” Mr Lee said.
Collaboration between the Middle East “where the connectivity and exchanges between its dynamic centres of economic might, and Hong Kong, is growing by the day, paving the way for accelerated trade growth”, he said.
Frederick Ma, chairman of the Hong Kong Trade Development Council, called for economic diversification to cushion the blow of geopolitical conflicts.
“In a world full of risk, diversification is a necessity, not a choice. We must seize new opportunities even as we confront new challenges every day,” he said at the summit.
“That is why the Belt and Road Initiative has never been more relevant. At its core, it is about forging new connections in all aspects to turn potential into opportunity that benefits the world … this potential comes from high-growth regions such as Asean, Central Asia, the Middle East, Africa and Latin America.”
The Belt and Road Summit is organised by the Hong Kong government and the Hong Kong Trade Development Council and serves as a platform for businesses and policymakers to identify investment themes, share insights on potential avenues for co-operation, and explore trade and investment opportunities in more than 65 countries.
The Chinese-led initiative aims to connect Asia with Africa and Europe, to improve regional integration, increase trade and stimulate economic growth. Its objectives include boosting China’s access to markets in Asia, Russia and Europe by land, and connecting China’s coastal areas to parts of Asia, the South Pacific, the Middle East and eastern Africa through a maritime corridor.
Launched in 2013, the initiative has evolved to become the largest infrastructure endeavour by a single country, with the value of investments rising to nearly $1.4 trillion, the latest data from the Griffith Asia Institute and the Green Finance and Development Centre shows.
Of that amount, around $837 billion has been earmarked for construction contracts and $561 billion for non-financial investments. 2025 by far posted the highest engagement with $128.4 billion in contracts and $85.2 billion in investments, it said.
China’s energy-related engagement last year alone hit a record at nearly $94 billion, more than double the figure posted in 2024. Oil and gas surged to more than $71 billion, more than triple the previous record in 2024, while green energy also hit a new high with $18.3 billion in wind, solar and waste-to-energy projects and planned capacity of over 22GW, the report noted.
This year's summit is expected to finalise more than 60 government deals and preliminary agreements. In the lead-up to the event, more than $3 billion worth of projects were forged, Mr Lee said.
These deals are expected to “expand the connectivity and focus on opening new markets, forming new partnerships and advancing regional co-operation”, he added.
