FS continues to attend Annual Meeting of Asian Development Bank in Georgia (4.5.2024)
4.5.2024

The Financial Secretary, Mr Paul Chan, continued his attendance yesterday (May 3, Tbilisi time) at the 57th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Tbilisi, Georgia. In the morning, Mr Chan participated in the Constituency Meeting of the ADB Annual Meeting, where he discussed ADB's work direction and strategy with representatives from a number of member countries. Topics discussed included the future areas of focus, how to better utilise the bank's capital and lending capacity, strengthening knowledge transfer and human resources training, and more. Assisting ADB developing member countries in effectively addressing climate change is one of the main themes of this year's Annual Meeting. Speaking at the Constituency Meeting, Mr Chan highlighted that Hong Kong possesses a vibrant and high-quality financial market, which can efficiently connect market funds with projects to assist member countries in need to combat climate change and engage in green and low-carbon transition. Hong Kong also actively promotes insurance-linked securities products, and has facilitated the issuance of a number of catastrophe bonds. They have not only helped transfer and spread of the relevant risks to the securities market, but also extended disaster protection to more people. Moreover, Hong Kong's flourishing green tech ecosystem can provide innovative and practical solutions for green development in different countries. In the afternoon, Mr Chan met with Executive Director representing Hong Kong, China's constituency in the ADB Board of Directors, Ms Rachel Thompson, and Deputy Executive Director, Ms Lisa Wright. They discussed how Hong Kong could better assist ADB developing member countries in sustainable development. Mr Chan said that green tech, green finance, and digital transformation should also be the focal points and key areas of support for member countries by the ADB. Beyond offering financial and professional services, Hong Kong, China may also share its knowledge and experiences in the above areas with ADB members, such as collaborating on relevant activities and human resources training programmes. Thereafter, Mr Chan met with the Minister of Finance of Georgia, Mr Lasha Khutsishvili. They exchanged views on strengthening bilateral economic and trade relations, investment cooperation, tourism and people-to-people exchanges, etc. Mr Chan said that Hong Kong is an international financial centre with high-quality and excellent professional services, and has well-established air and maritime networks. He is confident that Hong Kong can become an important platform for Georgian enterprises to expand their businesses in the region, and serve as a vital bridge that connects them with the vast market of Mainland China. Mr Chan also explained to Mr Khutsishvili on the latest economic situation in Hong Kong. In the late afternoon, Mr Chan paid a courtesy visit to the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Georgia, Mr Zhou Qian. They exchanged views on the latest developments of Hong Kong and Georgia. In the evening, Mr Chan also attended a reception hosted by the ADB. Mr Chan will continue to attend events of the ADB Annual Meeting today (May 4, Tbilisi time). Ends/Saturday, May 4, 2024 Issued at HKT 9:00 NNNN