The country’s 15th Five-Year Plan aims to expand high-level opening-up, build a new system for an open economy at a higher level, promote high-quality development of the “Belt & Road” Initiative (B&R), and create a landscape of cooperation and mutual benefit. Under the “One Country, Two Systems” principle, Hong Kong, as the country’s most open economy, boasts the unique advantage of “backed by the motherland and connected to the world”, serving as a vital window for the country’s opening-up. The current HKSAR Government is proactive and result-oriented. Chief Executive John Lee recently led a business delegation comprising Hong Kong and the Mainland business leaders and enterprises on a visit to Kazakhstan and Uzbekistan, delivering a host of outcomes. This fully embodies the HKSAR Government’s active participation in the high-quality development of the B&R.
Fruitful outcomes from the Central Asia trip
The HKSAR Government’s Central Asia visit has yielded 96 cooperation agreements and MoU, with a total value of over USD1.65 billion – equivalent to nearly HKD13 billion, a truly encouraging result. Kazakhstan is the most developed economy in Central Asia, topping the region in both GDP and purchasing power, and is Hong Kong’s largest trading partner and major export market in Central Asia. Hong Kong has also made substantial investments in Kazakhstan, ranking as the fourth-largest Asian net investor in the country. Uzbekistan, by contrast, is rich in diverse natural resources, is the most populous country in Central Asia, and has one of the world’s youngest population structures, with the working-age population accounting for 60%. In recent years, the country’s economy has grown rapidly, with an average annual GDP growth rate of over 5%. Both countries offer immense potential in finance, trade, logistics, innovation and technology and infrastructure, presenting abundant business opportunities for investors.
Like Saudi Arabia, the United Arab Emirates and other Middle Eastern economies that historically relied heavily on oil, Kazakhstan also aims to reduce its dependence on natural resource exports and diversify its economic development, including through digital construction. Kazakhstan is currently advancing large-scale data center projects, striving to become the largest digital hub in the region, while Uzbekistan is also actively promoting digital transformation.
The country’s remarkable achievements in innovation and technology
The country’s achievements in innovation and technology development and the digital economy are widely recognized. In May, I joined the Chamber’s delegation to Hangzhou, where we visited the city’s leading tech giants known as Hangzhou’s “Little Six”. We were awestruck by their technologies including brain-computer interfaces and embodied AI – a vivid demonstration of how technology can be translated into productivity. There are currently around 6,000 artificial intelligence enterprises in the Mainland, and many of them are likely to be interested in expanding into Central Asia and other emerging markets along the B&R routes.
Hong Kong offers world-class professional services aligned with international standards, covering finance, trade, accounting, legal services, financial management and logistics, serving as a strong backing for the Mainland enterprises to go global. Following the Central Asia trip, the HKSAR Government will hold consultations with the governments of Kazakhstan and Uzbekistan on a Comprehensive Avoidance of Double Taxation Agreement, and negotiate a bilateral Investment Promotion and Protection Agreement. It will also work with the Uzbekistan government to promote customs clearance facilitation. These efforts will further help Hong Kong become a critical base for Chinese Mainland enterprises to “go global” to Central Asia.
Separately, the HKSAR Government is promoting Hong Kong to become an international gold trading hub. Uzbekistan is rich in gold resources, which can act as a key supply source for the Hong Kong market, supporting the development of gold storage, delivery and trade settlement in the city. This will also help attract mining and precious metal enterprises from Central Asia to set up operational or financing platforms in Hong Kong, enabling Hong Kong to align with the 15th Five-Year Plan and build a commodity trading ecosystem.
As a representative of the business community, I call on Hong Kong enterprises to proactively plan ahead to seize policy dividends and market potential. The Chamber and the Government can also strengthen collaboration to help the business community explore new markets, and jointly drive Hong Kong to achieve higher-quality development in the new international landscape.
This is a free translation. For the exact meaning of the article, please refer to the Chinese version.
