Financial Services and the Treasury Bureau: Attracting Investors from the Middle East and Southeast

Financial Services and the Treasury Bureau: Attracting Investors from the Middle East and Southeast Asia to Store Gold in Hong Kong, Working Group Expected to Be Established Within the Year In response to a legislative council member's question regarding the policy proposal to establish an international gold trading market and world-class gold storage facilities in Hong Kong, Acting Secretary for Financial Services and the Treasury, Mr. Joseph Chan, stated in a written reply that as a first step, the Government will focus on the development of world-class gold storage facilities, thereby attracting more investors and users from different economies, including the Middle East and Southeast Asia, to store gold in Hong Kong. According to Chan, the Financial Services and the Treasury Bureau will set up a working group within this year, and they are now considering the composition of that working group. Chan also noted that the experiences of overseas trading show that commodity markets, including those specialising in financial trading of gold, have their own characteristics. It takes time to build up trading and the ecosystem. While Hong Kong has the potential for both on- and off-exchange transactions, the relevant development requires detailed planning and a gradual and orderly progression.