HONG KONG - It is the best time for international art galleries and artists to expand their presence in Hong Kong, Carrie Lam, chief executive of China's Hong Kong Special Administrative Region, said Monday.

Lam stressed Hong Kong's competitive edge and bright prospects in art and cultural development when meeting with representatives of the mainland and overseas art galleries at a webinar organized by Art Basel.

Hong Kong has all along been an East-meets-West hub for international arts and cultural exchanges, Lam said.

Hong Kong has signed Memoranda of Understanding on cultural cooperation with 20 countries, Lam said. She also cited the exchanges with world-renowned museums such as the British Museum and the Gallerie degli Uffizi.

Lam said the financial hub is quickly developing into a major global art trading center.

Hong Kong has been investing heavily in upgrading cultural hardware and building new facilities, and it holds a number of large-scale international art fairs annually, she said.

Lam believes Hong Kong's position will be further boosted by the country's 14th Five-Year Plan for national economic and social development, in which it is encouraged to develop into a hub for arts and cultural exchanges between China and the rest of the world.

Given Hong Kong's competitive edge and bright prospects in art and cultural development, and the recent drop in commercial property rentals amid the COVID-19 epidemic, it is the best time for international art galleries and world-renowned artists to come to Hong Kong, Lam said. "I welcome you all with open arms," she added.