Hong Kong should focus on connecting its capital markets with African financial centres so that companies and Belt and Road Initiative projects on the continent can raise funds in the city, according to a council that advises the government on development strategy.
In addition to being a funding source for commercial enterprises and infrastructure projects, Hong Kong could be a place for wealthy Africans to set up family offices to manage their wealth, succession and charitable activities, the Financial Services Development Council (FSDC) said in a report on Tuesday. Since 2023, the government has introduced a wide range of measures, including tax incentives and an investment migration scheme, to attract family offices.
“For decades, our city has served as the gateway to China and a critical nexus for Asia’s economic miracle,” said King Au, executive director of the FSDC. “Today, we witness the dawn of another transformative epoch: the rapid acceleration of Asia-Africa economic integration. This is not a transient trend, but the foundation of a long-term partnership that will redefine global growth in the 21st century.”
Four leading African markets – Kenya, Morocco, Nigeria and Rwanda – could act as entry points for Asian and Hong Kong investors, as they have stable economic growth and sound financial infrastructures, the report said.
The initiative, spearheaded by the Chinese government and endorsed by President Xi Jinping in late 2013, aims to improve trade and economic integration via large investments in infrastructure across Asia, Europe and Africa.
Hong Kong-listed Zijin Mining spent US$1 billion to acquire Akyem gold mine, one of the largest in Ghana, in October 2024.
