Hong Kong’s move to deepen engagement with Central Asia marks a timely and strategic expansion of its role as a global financial and business hub. The recent visit by a large delegation led by Chief Executive John Lee Ka-chiu to Kazakhstan and Uzbekistan delivered tangible outcomes, demonstrating how Hong Kong can serve as a superconnector between emerging markets and international capital.
The visit achieved major progress in eight major areas, including the signing of 15 government-level agreements among a total of 96 cooperation agreements and memorandums of understanding, with a combined value exceeding $1.65 billion. More importantly, it established a strong institutional foundation for long-term collaboration, spanning trade, investment, finance, innovation, and people-to-people exchanges.
Central Asia is undergoing significant economic transformation. Countries such as Kazakhstan and Uzbekistan are advancing structural reforms, opening their markets, and investing heavily in infrastructure, digitalization, and industrial upgrading. These developments present substantial opportunities for international investors.
My own experience in the region reflects this potential. Some years ago, I led an investment project through a Hong Kong-listed company to acquire upstream oil assets in Kazakhstan. Beyond unlocking operational value, the transaction was well received by the capital markets and contributed positively to shareholder value. This illustrates how Hong Kong’s capital markets and corporate finance capabilities can play a meaningful role in developing Central Asia’s resource assets while delivering returns to international investors.
In this context, Hong Kong’s value proposition is highly relevant.
By acting with clarity and commitment, Hong Kong can consolidate its position as the preferred international platform for Central Asia — and, in doing so, contribute meaningfully to the country’s high-quality opening-up and global economic cooperation
First, Hong Kong is one of the world’s leading international financial centers, with a robust and transparent regulatory regime underpinned by the common law system. This provides confidence and predictability for cross-border investors and businesses entering new markets.
Second, Hong Kong offers unparalleled capital-raising capabilities. With deep experience in corporate finance, private equity, and initial public offerings across multiple markets, I have seen how Hong Kong consistently serves as a premier platform for companies seeking international funding. The reported interest of a Kazakh state-owned railway company in listing in Hong Kong highlights the city’s attractiveness as a fundraising hub for Central Asian enterprises.
Third, Hong Kong is Asia’s leading wealth management center and a growing hub for family offices. This positions the city as a natural partner for channeling global capital into high-growth regions such as Central Asia.
Fourth, Hong Kong is at the forefront of green and sustainable finance. As Central Asian economies invest in infrastructure, energy transition, and environmental initiatives, Hong Kong can play a pivotal role in structuring and financing green projects, leveraging its well-established green bond market and environmental, social, and governance expertise.
Fifth, Hong Kong is rapidly developing as a center for innovation and virtual assets. As a board member of Cyberport, I have seen firsthand how Hong Kong is fostering a vibrant technology ecosystem. The recent cooperation agreement between Cyberport and Uzbekistan’s IT Park is a concrete example of how collaboration in areas such as artificial intelligence, digital trade, and fintech can be advanced. These partnerships will enable Central Asian technology companies to scale internationally while strengthening Hong Kong’s position as an innovation hub.
Equally important is Hong Kong’s role as a gateway to the Guangdong-Hong Kong-Macao Greater Bay Area and the wider Asian market. With improved connectivity — including the anticipated direct flights between Kazakhstan and Hong Kong and discussions on visa facilitation — the flow of people, capital, and ideas will accelerate. As connectivity improves, so too will economic opportunity.
The chief executive’s visit also underscored a new model of collaboration: Hong Kong and Chinese mainland enterprises working together to go global. By combining Hong Kong’s international financial expertise with the mainland’s industrial and technological strengths, this partnership can deliver comprehensive solutions for Central Asia’s development needs.
At a strategic level, this engagement aligns closely with the country’s broader vision of deepening connectivity under the Belt and Road Initiative. Hong Kong’s role is not only to facilitate transactions, but also to shape standards, mobilize capital, and provide trusted professional services that underpin sustainable development across the region.
The message is clear: The foundations have been laid, and momentum is building. What is required now is decisive follow-through. Policymakers should continue to advance institutional connectivity, including tax agreements, investment protection, and financial cooperation frameworks. At the same time, businesses and investors should move proactively to capture early opportunities in sectors such as infrastructure, energy, technology, and green development.
By acting with clarity and commitment, Hong Kong can consolidate its position as the preferred international platform for Central Asia — and, in doing so, contribute meaningfully to the country’s high-quality opening-up and global economic cooperation.
The author, a National Committee member of the Chinese People’s Political Consultative Conference National Committee, is president of the Hong Kong Institute of Certified Public Accountants and adviser to the Ministry of Finance of the People’s Republic of China.
The views do not necessarily reflect those of China Daily.
