An investment roundtable held in Hong Kong for Alatau City, a major greenfield project in Kazakhstan, has garnered support from international investors and tech leaders, reflecting the value Hong Kong delivers as a financial and innovation hub as well as the growth potential for Central Asia’s largest economy.

“Hong Kong occupies a unique position within the global financial system and remains one of the world’s leading platforms for international investment, capital management and cross-border projects,” highlighted Kazakhstan’s Deputy Prime Minister, Kanat Bozumbayev.

“This is precisely why it is important for us to present the Alatau project to Hong Kong’s investment and business community,” continued Mr Bozumbayev, who participated in the roundtable alongside Hong Kong’s Chief Executive, John Lee.

Alatau is a special economic zone with investor-friendly tax and customs rules sited near Almaty, Kazakhstan’s largest city.

The flagship development, spanning over 97,900 hectares, aims to fast-track the development of high-tech industries, while strengthening international transport corridors connecting Europe, China and Central Asia, supporting China’s Belt and Road Initiative.

“For the first time in Kazakhstan’s history, we are creating a city with a special legal regime that, in many respects, draws on approaches successfully implemented in Hong Kong, with a strong emphasis on clear rules, investor protection and international regulatory standards,” Mr Bozumbayev explained.

The Alatau City Authority signed six agreements and MoUs as a result of the roundtable in Hong Kong.

Key partners included Ant Digital Technologies – part of Ant Group, the company behind Alipay – which is exploring opportunities to develop digital infrastructure and implement fintech solutions in Alatau City.

Solana Foundation, a leading organisation in Web3 technologies and digital assets, also agreed to cooperate on developing Alatau City’s innovation ecosystem, by backing start-ups, deploying digital solutions and training blockchain specialists.

Hong Kong-based Templewater signed an MoU with Kazakhstan’s Dasco Capital to set up a joint private equity fund focused on Central Asia. Alatau City projects have been identified as a priority investment area for the new fund.

Ambitious reforms

While in Hong Kong, the Kazakh delegation also met with executives from some leading investment and development companies, including Henderson Land, Far East Consortium, Sunwah Group, and Bosera Asset Management, among others.

“Kazakhstan's ambitious reforms and its open, welcoming attitude towards international partners were both welcome and impressive,” noted Hong Kong’s Chief Executive, John Lee, while speaking at yesterday’s roundtable.

“Hong Kong is eager to build on this momentum, to explore wide-ranging business and investment co-operation with Kazakhstan – Alatau City very much included,” he added.

Mr Lee recently visited Kazakhstan and Uzbekistan with business leaders from Hong Kong and the Chinese Mainland, leading a high-level delegation organised by the Hong Kong Trade Development Council (HKTDC).

A total of 96 MoUs and agreements were signed during the mission, laying a strong foundation for follow-up exchanges and collaboration.

“We attach huge importance to the Central Asian market,” remarked Silas Chu, the HKTDC’s Director of Exhibitions and Digital Business, who was also speaking at the Alatau City Investment Roundtable.

“The fact that we opened our Almaty consultant office back in 2018 speaks for itself,” Mr Chu stated.

“And through our business platforms, including those we co-organise with the Hong Kong SAR Government, such as the Belt and Road Summit and InnoEX, we can certainly help promote our city's vision and attract international investors and technology partners.”

The first phase of Alatau’s major infrastructure projects is scheduled for completion by 2030, part of a masterplan that extends through 2050.

The city will be made up of four distinct areas – a tourism cluster, an industrial and logistics zone, a science and higher education district and a financial and business hub – each envisioned as a centre for innovation and growth.

Economic diversification is a core pillar of Kazakhstan’s national development, with a goal to become one of the world’s 30 most developed economies by 2050.