A high-level business delegation led by John Lee, Hong Kong’s Chief Executive, has deepened economic, trade and industrial cooperation with Kazakhstan, Central Asia’s largest economy, after signing 43 MoUs and announcements across multiple sectors while visiting the regional powerhouse earlier this week.

In addition to trade and commerce, the agreements covered aviation, green finance, investment and technology, among other areas.

The delegation, organised by the Hong Kong Trade Development Council (HKTDC), includes enterprise representatives from 17 Chinese Mainland provinces and municipalities as well as 70 business leaders from Hong Kong, combining their respective strengths and capabilities.

“Under the Belt and Road Initiative, we believe substantial cooperation opportunities will emerge across various sectors, including logistics infrastructure, green finance, the digital economy, agricultural upgrading and food processing,” remarked HKTDC Chairman Prof Frederick Ma, who is part of the mission.

“The model of mainland enterprises going global with Hong Kong while leveraging the HKTDC platform will create new opportunities for collaboration with Central Asia,” Prof Ma continued.

Last year, enterprises from Hong Kong and the Chinese Mainland joined a high-level business delegation to Qatar and Kuwait that was also led by Hong Kong Chief Executive John Lee.

This year’s visit to Central Asia represents diverse industries and professions, spanning financial and professional services, logistics and transportation, innovation and technology, trade, green industries, energy and mining, biopharmaceuticals, the automotive industry and media.

Kazakhstan, which accounts for more than half of Central Asia’s GDP, is promoting economic diversification under its Kazakhstan 2050 strategy, as part of a goal to become one of the world’s 30 most developed economies by 2050.

While speaking at a business luncheon, Mr Lee said that Hong Kong, as a pivotal player in the Belt and Road Initiative, is looking forward to creating mutual opportunities with the major Central Asian market, which acts as a business and logistics hub linking China and Europe.

“Kazakhstan has, for centuries, connected Eastern and Western civilisations, serving as a bridge of commerce, culture and innovative ideas,” Hong Kong’s Chief Executive said, addressing more than 300 business leaders and senior officials at the luncheon.

“That legacy continues today,” Mr Lee added.

Regional cooperation

During the visit, the delegation also met senior representatives from government bodies, chambers of commerce and major corporations.

These included the National ‘Atameken’ Chamber of Entrepreneurs, Baiterek National Investment Holding, a government body managing economic development, Halyk Bank, the country’s largest bank, and the sovereign wealth fund, Samruk-Kazyna.

Officials exchanged views on strengthening trade ties and industrial collaboration, while exploring opportunities to leverage Hong Kong as a platform for broader regional cooperation.

The delegation also visited Astana Hub, an international innovation cluster that is home to more than 1,800 IT companies, and the Astana International Financial Centre, a special economic zone following English common law principles, gaining insights into the latest developments in innovation and technology as well as financial services.

After concluding their trip to Kazakhstan, delegates have arrived in Uzbekistan, Central Asia’s most populous country, to pursue further business and trade opportunities between Hong Kong, the Chinese Mainland and Central Asia under the Belt and Road Initiative.

The Kazakh and Uzbek economies are both expected to enjoy strong momentum this year.

According to available data, Kazakhstan’s GDP is projected to increase by 4.6% to ~US$360.5 billion, while Uzbekistan’s GDP is forecast to expand by 6.5% to ~US$181.5 billion.

Overall, the IMF forecasts 4.8% GDP growth for Central Asia and the Caucasus this year, higher than the global average of 3.1%.