There is a moment when history and opportunity converge — when the ancient pathways that once connected civilizations are reimagined with modern purpose. Chief Executive John Lee Ka-chiu’s recent visit to Kazakhstan and Uzbekistan represented precisely such a moment. As his five-day mission unfolded across these resurgent Central Asian countries, the chief executive was not merely paying a courtesy call. The trip opened a gateway to one of the most consequential emerging partnerships of our era.
Consider what is happening in Central Asia today. The region is undergoing a transformation unimaginable a decade ago. Kazakhstan and Uzbekistan are embracing sweeping economic reforms, accelerating digital transformation, and positioning themselves as pivotal nodes in the Belt and Road Initiative. Kazakhstan, with the most developed economy in Central Asia, was Hong Kong’s largest trading partner in the region in 2025. Uzbekistan, the region’s most populous country, has emerged as a thriving technology hub with nearly 950 startups, two unicorns, and over 200 artificial intelligence projects already underway. The momentum is unmistakable: Hong Kong’s merchandise trade with Central Asia has surged 27 percent since 2020. The question is no longer whether Hong Kong should engage more deeply, but how quickly the city can scale its presence in the region.
Frederick Ma, chairman of the Hong Kong Trade Development Council and a member of the delegation, identified four areas where Hong Kong’s capabilities align precisely with Central Asia’s needs. The first is natural resources and capital markets. Central Asia’s state-owned enterprises are seeking international platforms to list and raise funds — and Hong Kong is a premier fundraising hub. Last year’s pioneering dual listing on both the Hong Kong and Kazakhstan exchanges demonstrated the model’s viability. With Hong Kong having arranged $43 billion in green and sustainable bonds in 2024, ranking first in Asia for seven consecutive years, the city’s capital market infrastructure is primed to serve Central Asian issuers through both equities and dim sum bonds.
The Silk Road was never merely about silk. It was about the exchange of ideas, technologies, and aspirations across boundaries. Starting with the chief executive’s visit to Central Asia, Hong Kong is writing a new chapter in that ancient story — one where the city’s financial expertise meets Central Asia’s boundless potential, and where the caravan routes of old become the digital highways of tomorrow. The future belongs to those bold enough to build it
Green development forms the second pillar of cooperation. Central Asia’s path to carbon neutrality is both a necessity and an enormous economic opportunity — and Hong Kong possesses the comprehensive green finance ecosystem to accelerate it. The Hong Kong Special Administrative Region government has issued approximately HK$240 billion ($30.6 billion) in green bonds, including the world’s first tokenized government green bond. With over 200 authorized environmental, social, and governance (ESG) funds managing more than HK$1.1 trillion in assets, Hong Kong offers Central Asian nations a proven pathway from green financing to green standards, technology transfer, and professional services.
Third, the digital economy and AI represent perhaps the most exciting frontier. Uzbekistan’s startup ecosystem is now valued at $4.3 billion and attracting significant international investment. Kazakhstan is rapidly expanding its digital infrastructure and AI capabilities. Hong Kong’s fintech sandbox, regulatory expertise, and access to the Guangdong-Hong Kong-Macao Greater Bay Area’s technology ecosystem can supercharge this digital revolution. We are not merely talking about connectivity — we are talking about enabling Central Asian nations to leapfrog developmental stages through smart partnerships in data infrastructure, e-commerce, and innovation financing.
The fourth pillar of cooperation speaks to the soul of this partnership — tourism and the Silk Road heritage. Samarkand’s turquoise domes, Bukhara’s ancient madrasas (religious schools), Khiva’s 2,500-year-old walled city — these are treasures belonging to all humanity. Hong Kong’s world-class hospitality brands, airport management expertise, and investment capacity can help unlock a tourism renaissance across Central Asia. Just in April, UNESCO signed a new cooperation agreement with Uzbekistan to advance heritage preservation and sustainable tourism. There is profound symbolism here: We are reviving the ancient connections that made the Silk Road the greatest network of cultural and commercial exchange in human history — with 21st-century tools.
What makes Hong Kong indispensable to this emerging partnership is its unique constitutional status under the “one country, two systems” framework: The SAR is China’s most international city — the superconnector and “super value-adder” that bridges the Chinese mainland and the rest of the world. As Ma has observed, Hong Kong’s role is to create the platforms and pathways that enable others to succeed. In this case, we are proposing a hub-to-hub model: Hong Kong becomes Central Asia’s gateway to the mainland and Southeast Asia; Kazakhstan and Uzbekistan become Hong Kong’s doorway to a Central Asian market of more than 75 million people.
The presence of Bonnie Chan Yi-ting, CEO of Hong Kong Exchanges and Clearing Ltd (HKEX), in the chief executive’s delegation underscored the trip’s serious purpose. HKEX has already noted growing interest from Central Asian companies in tapping Hong Kong’s fundraising platforms. Several Kazakh issuers successfully completed dim sum bond offerings here last year. This is just the beginning.
For Hong Kong, this is about demonstrating its unique value to the nation. As China deepens its engagement with the Global South and advances the Belt and Road vision, the SAR must prove that its international financial center — with its common law system, free flow of capital, and deep pools of professional expertise — is an irreplaceable asset in the country’s diplomatic and economic toolkit. Every Central Asian company that lists in Hong Kong, every green bond that funds a renewable energy project in the steppes, and every startup that connects to Hong Kong’s innovation ecosystem — all these are testaments to what the “one country, two systems” policy means in practice.
The Silk Road was never merely about silk. It was about the exchange of ideas, technologies, and aspirations across boundaries. Starting with the chief executive’s visit to Central Asia, Hong Kong is writing a new chapter in that ancient story — one where the city’s financial expertise meets Central Asia’s boundless potential, and where the caravan routes of old become the digital highways of tomorrow. The future belongs to those bold enough to build it.
The author, a specialist in radiology, is founding convenor of the Hong Kong Global Youth Professional Advocacy Action and an adviser to the Our Hong Kong Foundation.
The views do not necessarily reflect those of China Daily.
