A business delegation led by Hong Kong Special Administrative Region (HKSAR) Chief Executive John Lee and organized by the Hong Kong Trade Development Council (HKTDC) signed 43 memoranda of understanding (MoUs) and announcements during a visit to Astana, Kazakhstan, on June 1 and 2. The agreements span trade, investment, financial services, technology, aviation, and green finance, aiming to bolster economic ties among Hong Kong, the Chinese Mainland, and Kazakhstan.
The delegation, which includes 70 business leaders from Hong Kong and representatives from 17 Chinese Mainland provinces, underscores Hong Kong's positioning as a two-way services platform. The visit is part of broader efforts to connect with Central Asian markets under the Belt and Road Initiative. Following the Kazakhstan leg, the delegation will proceed to Uzbekistan to explore further cooperation.
At a business luncheon hosted by the HKSAR Government and HKTDC, Chief Executive John Lee highlighted Kazakhstan's historical role as a bridge between East and West. "Kazakhstan is now a business and logistics hub linking China, our country, and Europe," Lee said, noting the country's economic diversification and potential for collaboration under the Belt and Road Initiative.
HKTDC Chairman Prof Frederick Ma emphasized Kazakhstan's economic significance, noting it accounts for 53% of Central Asia's GDP and is pursuing the Kazakhstan 2050 Strategy to become one of the world's top 30 developed economies. "This visit has enhanced local enterprises’ understanding of Hong Kong’s advantages as a superconnector and super value-adder," Ma said, pointing to opportunities in logistics, green finance, digital economy, and agriculture.
Notable MoUs include agreements between HKTDC and the National Chamber of Entrepreneurs "Atameken", the Astana International Financial Centre (AIFC), and Satbayev University; Airport Authority with Almaty International Airport; Cyberport with Astana Hub; and Hong Kong Exchange and Clearing Limited with AIX and AIFC. Commercial deals involve BOCHK, Cathay Pacific, Standard Chartered Bank, and others across sectors like energy, biopharmaceuticals, and technology.
The delegation also visited Astana Hub and the Astana International Financial Centre to learn about local innovation and financial services developments. For the first time, journalism associations joined the delegation, aligning with Hong Kong's policy to expand overseas media networks.
The economic context underscores the region's growth: Kazakhstan's GDP is projected to grow 4.6% in 2026 to about US$360.5 billion, while Uzbekistan's GDP is forecast to rise 6.5% to US$181.5 billion. The IMF forecasts Central Asia and the Caucasus GDP growth at 6.2% in 2025 and 4.8% in 2026, above the global average of 3.1%.
