HONG KONG, March 5 (Xinhua) -- Hong Kong and the Asia-Pacific Economic Cooperation (APEC) signed a memorandum of understanding to support the creation of the Strengthening Economic Legal Infrastructure (SELI) sub-fund, the Hong Kong Special Administrative Region (HKSAR) government said on Friday.

The MoU was signed by Secretary for Justice of the HKSAR government Teresa Cheng and Executive Director of the APEC Secretariat Rebecca Fatima Sta Maria at a virtual signing ceremony on Friday.

The SELI sub-fund under the APEC Economic Committee will provide funding for capacity building work to assist APEC economies to strengthen their economic and legal infrastructure with a view to fostering economic development in the Asia-Pacific region, the HKSAR government said in a press release.

The establishment of the sub-fund demonstrates Hong Kong's commitment and contribution, and charts the course for a stronger, closer and more longstanding partnership with APEC, according to the release.

This will also help enhance Hong Kong's visibility and reputation, further consolidating its role as an ideal hub for deal-making and a leading center for international legal and dispute resolution services in the region and beyond, it said.