THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S “INTERNATIONAL ISLAMIC MEDIATION & ARBITRATION CENTER” (IMAC) PRESIDENT LORD EDWIN E. HITTI SIGNS A MEMORANDUM OF UNDERSTANDING & COOPERATION WITH THE ASIAN AFRICAN LEGAL CONSULTATIVE ORGANIZATION (AALCO)

Following speeches by Mr. Paul Lam, SC (HKSARG Secretary for Justice); His Excellency Dr. Kamalinne Pinitpuvadol (Secretary-General, Asian African Legal Consultative Organization – AALCO); Mr. Nick Chan (Director, AALCO Hong Kong Regional Arbitration Centre); Mr. Fang Jianming (Deputy Commissioner, Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), at the AALCO Hong Kong Regional Arbitration Centre establishment anniversary; a series of “Memorandums of Understanding for Cooperation” (MOU’s) were signed on this May 25^th 2023 by AALCO with among others, The Arab Chamber of Commerce & Industry’s “International Islamic Mediation & Arbitration Center” (IMAC). The execution of which was by Lord Edwin E. Hitti and Mr. Nick Chan Hiu Fung Nicholas MH, JP, in the presence of Mr. Horace Cheung SBS, JP (Deputy Secretary of Justice).

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THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S PRESIDENT LORD EDWIN E. HITTI INTERVIEWED BY THE STANDARD NEWSPAPER

https://paper.thestandard.com.hk/index.php?product=THESTANDARD&issue=20230504&vol=2023050400&token=0382099b2aaf73ed&page=2

Businessmen and professionals resonated with an exclusive story in The Standard on Arab companies having a hard time dealing with local banks.

It was reported that a local bank, for example, has frozen the account of a company selling seafood from the Persian Gulf to Greater China by having police issue a “letter of no consent” without giving a reason, according to Arab Chamber of Commerce and Industry president Edwin Hitti.

Hitti also said it is difficult for individual Arabs to open bank accounts in Hong Kong or for people living in Arab countries to obtain Hong Kong visas.

Among the reactions, some said banks have too much power on freezing accounts.

An insider from a top chamber of commerce doubted if Hong Kong can attract Middle East capital without creating a friendly business environment to accommodate Muslim businessmen and investors.

A Hong Kong law firm said a bank declined to accept funds in UAE dirham sent by a Dubai law firm.

A retired banker, while recognizing the problem, empathized with lenders, saying they worry about US sanctions. He said banks would not risk taking money from the Middle East when there are plenty of business opportunities from the mainland and the Far East.

Yet, he added, the government and the regulator should be aware that some regulations of the US sanctions do not apply to Hong Kong.

A university insider, on the other hand, agreed it is difficult for individuals from the Middle East to open a bank account, rent a home and study in Hong Kong.

https://www.thestandard.com.hk/section-news/section/11/252184/Arab-bank-woes-story-draws-swift-reactions

THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S PRESIDENT LORD EDWIN E. HITTI HONORED TO BE AMONG THE FOREIGN BUSINESS FRIENDS AT MFA OF PRC IN HKSAR COMMISSIONER LIU GUANGYUAN’S GATHERING

Commissioner Liu Guangyuan, together with foreign consular officials and Chambers of Commerce, and business leaders in Hong Kong, had a tour to the Guangdong-Hong Kong-Macao Greater Bay Area and saw in-person great achievements and opportunities in the GBA and the strong recovery momentum of China’s economy.

To follow-up, Commissioner Liu held a gathering for the foreign business friends in Hong Kong who saw such, to share their takeaways from the trip to more people.

THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S PRESIDENT LORD EDWIN E. HITTI PLEASED TO ATTEND A FRENCH MAY EVENT “RE-SHAPE 2023” ART EXHIBITION OPENING RECEPTION FOR THE BENEFIT OF THE CHILDREN OF THE MEKONG

The Arab Chamber Of Commerce & Industry’s president Lord Edwin E. Hitti was pleased to attend French May event “RE-SHAPE 2023” art exhibition opening reception for the benefit of the Children of the Mekong,.

The exhibit is held from April 20^th till May 1^st. at the White Box, Soho House Hong Kong.

THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S PRESIDENT LORD EDWIN E. HITTI DELIGHTED TO ATTEND THE NOVEL “FE LUNA” CHINESE EDITION LAUNCH BY DOMENICAN REPUBLIC CONSUL GENERAL EDUARDO ÁLVAREZ

Chinese Language Day, declared by the UN, is celebrated annually on April 20.  It was established by the UN Department of Public Information in 2010, with the goal of “celebrating multilingualism and cultural diversity, as well as promoting the equitable use of the six official working languages ​​throughout the world.”

To commemorate the Chinese Language Day, , the General Consulate of the Dominican Republic (DR) in Hong Kong and the Good Friends of the DR (BARD) Society did put into circulation the Chinese edition of the novel “Fe Luna”, written by the DR Consul General (CG) Eduardo Álvarez,.

The novel tells an invented story about real events that took place in CG Eduardo Álvarez’s Esperanza’, in the 60s after the fall of Trujillo…

The event took place on April 19 at the Hong Kong Golf Club, and was attended by Lord Edwin E. Hitti president of the Arab Chamber of Commerce & Industry among a select number of admirers; dignitaries; diplomatic representative, and clergy men.

THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S PRESIDENT LORD EDWIN E. HITTI HONOURED TO BE PART OF THE OCMFA’S INSPECTION TOUR OF SELECT CITIES WITHIN THE GREATER BAY AREA FOLLOWING THE BORDERS REOPENING

Considering foreign consulates, and business communities in Hong Kong increasing interest in the Greater Bay Area, and the travel between Guangdong and Hong Kong fully resumed, Commissioner Liu Guangyuan of the Office of the Ministry of Foreign Affairs (OCMFA) in Hong Kong lead a group of foreign consulates; chambers of commerce; multinational companies and financial institutions on a tour of Shenzhen; Dongguan; Guangzhou, and Zhuhai.

After the launch ceremony, Commissioner Liu led the delegation to the inland cities of the Greater Bay Area.

The Journey of Confidence; Vitality; Green Innovation; Openness and Matchmaking included Shenzhen; Dongguan, the “capital of smart manufacturing”; Guangzhou City and Nansha District; then Zhuhai successively to participate in a successful series of meetings, visits, and investigation activities.

THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S LORD EDWIN E. HITTI HAILS FOREIGN MINISTER QIN GANG’S LETTER OF CONGRATULATIONS TO THE RECEPTION MARKING THE 78TH ANNIVERSARY OF THE LEAGUE OF ARAB STATES AND THE 30TH ANNIVERSARY OF THE MISSION OF THE LEAGUE OF ARAB STATES IN CHINA

On March 22, 2023, State Councillor and new Foreign Minister Qin Gang sent a letter to the reception marking the 78th anniversary of the League of Arab States (LAS) and the 30th anniversary of the Mission of the LAS in Beijing, extending warm congratulations to the LAS and all friends from the Arab world.

Qin Gang said that the LAS is a symbol of Arab states’ commitment to seek strength through unity. It has long been dedicated to promoting peace and stability in the Middle East, upholding multilateralism and safeguarding the common interests of developing countries. Over the past three decades since the LAS Mission set up in Beijing, it has made unremitting efforts to strengthen the overall cooperation between China and Arab states and the building of the China-Arab States Cooperation Forum.

Qin Gang stressed that the first China-Arab States Summit held late last year was a success. President Xi Jinping and leaders of Arab states agreed to build a China-Arab community with a shared future in the new era, marking a new milestone in the history of China-Arab relations. At such a new historic starting point, China is ready to work with the Arab side to jointly deliver on the outcomes of the Summit, carry forward the spirit of friendship featuring “solidarity and mutual assistance, equality and mutual benefit, inclusiveness and mutual learning”, take solid steps toward the building of a China-Arab community with a shared future in the new era, and together usher in a brighter future of China-Arab relations.

THE ARAB CHAMBER OF COMMERCE AND INDUSTRY’S PRESIDENT LORD EDWIN E. HITTI INTERVIEWED BY THE HONG KONG ECONOMIC JOURNAL ON THE HEELS OF CHIEF EXECUTIVE JOHN LEE’S VISIT TO THE ARAB WORLD

The Arab Chamber of Commerce & Industry, established in Hong Kong for more than 16 years, is committed to developing Islamic finance and business, and has often advised the government over the years. Lord Edwin E. Hitti recalled making suggestions asking the Hong Kong government to recognize Islamic finance and Shariah law. He explained: “Recognition does not mean adoption, but it must be recognized first, because Islamic finance is based on this set of laws.

The Hong Kong Economic Journal article:

Ten years of discussion on Islamic finance in Hong Kong——Attracting “Middle East Gold” Legal infrastructure needs to comply with “law”

https://www2-hkej-com.translate.goog/editorchoice/article/id/3379057/%E3%80%90%E4%BF%A1%E5%A0%B1%E6%9C%88%E5%88%8A%E3%80%91%E9%A6%99%E6%B8%AF%E4%BC%8A%E6%96%AF%E8%98%AD%E9%87%91%E8%9E%8D%E7%A3%8B%E8%B7%8E%E5%8D%81%E5%B9%B4+%E2%80%94%E2%80%94+%E5%90%B8%E5%BC%95%E3%80%8C%E4%B8%AD%E6%9D%B1%E9%87%91%E3%80%8D+%E6%B3%95%E5%BE%8B%E5%9F%BA%E5%BB%BA%E9%9C%80%E5%90%88%E3%80%8C%E5%BE%8B%E6%B3%95%E3%80%8D?_x_tr_sl=zh-

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THE ARAB CHAMBER OF COMMERCE & INDUSTRY MEETS WITH THE HONG KONG MONETARY AUTHORITY (HKMA) ADDRESSING IMPROVEMENTS AND ADJUSTMENTS TO THE BANKING SECTOR IN SUPPORT OF CE JOHN LEE’S INITIATIVE AT ATTRACTING AND WELCOMING ARAB AND ISLAMIC CAPITALS TO THE HONG KONG SAR

The Arab Chamber of Commerce & Industry’s Lord Edwin E. Hitti, Mr. Keith Brandt, Ms. Julia Charlton and Mr. Bernard Pouliott meeting with the HKMA team addressed matters related to the opening of Hong Kong to Arab investors, in an open and frank exchange of views, feedbacks, and suggestions pertaining to Islamic Banking & Finance; as well as providing important inputs on account’s opening and maintenance concerns from the Chamber members’ experiences.

The HKMA’s Mr. Alan Au JP, Mr. Andrew Wu, Ms. Candy Leung, Ms. Jennifer Ko, and Ms. Joey Chan, asserted attaching a great importance to the access of banking services by different business sectors and devoting a dedicated efforts in addressing account opening and maintenance issues.

Both parties will continue to work closely with the banking industry and relevant stakeholders in this matter.

THE ARAB CHAMBER OF COMMERCE & INDUSTRY’S PRESIDENT LORD EDWIN E. HITTI INTERVIEWED BY RADIO TELEVISION HONG KONG ON THE UPCOMING VISIT OF CE JOHN LEE TO THE ARAB WORLD’S KINGDOM OF SAUDI ARABIA AND UNITED ARAB EMIRATES

Chief Executive John Lee will lead a delegation of government officials and high-level business representatives in a visit aimed at realizing business opportunities for Hong Kong and telling good stories of the SAR.

Lord Edwin Hitti, president of the Arab Chamber of Commerce in Hong Kong, agrees that the trip is a “very good first step” for the SAR and the Middle East to build stronger ties.

He called on the authorities to offer sweeteners to try to attract Middle East businesses to Hong Kong.

“If we’re telling the success story of Hong Kong, everybody knows that already… Are we telling them new measures Hong Kong has taken and new initiatives Hong Kong is offering, and new advantages that Hong Kong is putting on the table? That is going to be of interest,” he said.

Lord Hitti added that Hong Kong can review its financial regulations to make it easier for Middle East businesses to set up shop here.

Interview Video: https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/en/video-gallery.htm?vid=1686242

News Report: https://news.rthk.hk/rthk/en/component/k2/1686242-20230203.htm?spTabChangeable=0

Chinese Coverage: https://news.rthk.hk/rthk/ch/component/k2/1686341-20230203.htm