Chief Executive John Lee will lead a trade mission to Kazakhstan and Uzbekistan in June, courting openings beyond traditional markets, while Hong Kong Trade Development Council (HKTDC) Chairman Frederick Ma is optimistic the visit will deliver.
Global connection: The HKTDC currently has offices in 51 locations across multiple countries, maintaining close ties with the political and business sectors in these areas to identify business opportunities for Mainland and Hong Kong enterprises. Image source: www.news.gov.hk
Kazakhstan stands as Central Asia’s most developed economy and regional powerhouse, boasting an impressive gross domestic product that soared past US$300 billion in 2025.
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Global connection: The HKTDC currently has offices in 51 locations across multiple countries, maintaining close ties with the political and business sectors in these areas to identify business opportunities for Mainland and Hong Kong enterprises. Image source: www.news.gov.hk
Hong Kong taps Central Asia growth. Image source: www.news.gov.hk
Hong Kong taps Central Asia growth. Image source: www.news.gov.hk
Beneficial trip: Hong Kong Trade Development Council (HKTDC) Chairman Frederick Ma says the Chief Executive’s delegation can boost financial co-operation between Hong Kong and Kazakhstan, while Hong Kong and Mainland companies can go global together to explore this emerging market. Image source: www.news.gov.hk
Leading the region in both economic output and purchasing power, Kazakhstan serves as a vital business and logistics hub bridging China and Europe.
In this diverse nation, Kazakh and Russian are the predominant languages, while Islam and Christianity represent the major religions.
Meanwhile, Uzbekistan claims the title of the region’s most populous country, strategically positioned at the heart of Central Asia and sharing borders with all its neighbouring nations.
With a storied past as a crucial segment of the ancient Silk Road trade routes, Uzbekistan has cultivated an environment ideal for stable economic growth, consistently achieving over 5% growth each year.
Hong Kong taps Central Asia growth. Image source: www.news.gov.hk
The growth trajectory positions Uzbekistan as a prime entry point for businesses eager to tap into the expansive Central Asian market.
A delegation led by Chief Executive John Lee will visit both countries in June.
Booming economy
HKTDC Chairman Frederick Ma said the trip will be highly beneficial, with a broad cross‑sector delegation expected to drive deals.
Kazakhstan is Hong Kong’s largest trading partner and a key export market in Central Asia. Hong Kong’s investment there is substantial; as of January 2026, Hong Kong ranked fourth among Asian net investors. Financial links are deepening, with the first dual listing last year spanning Hong Kong and Kazakhstan.
Kazakhstan is also rolling out large-scale data centre projects, aiming to be the region’s leading digital hub. Mr Ma and his colleagues expect Mainland technology, especially artificial intelligence (AI) firms to see strong outbound opportunities via Hong Kong into this emerging market.
HKTDC Director of Research Bruce Pang explained Hong Kong can provide financial and professional services. As companies build AI platforms and lean on data centres, he noted, fundraising and financing become pivotal - and that is where Hong Kong can step in with solutions.
Hong Kong taps Central Asia growth. Image source: www.news.gov.hk
Embracing transformation
In Uzbekistan, a nation with a population exceeding 38 million, abundant resources such as gold and cotton bolster its growth prospects. The country has made significant strides in enhancing its investment climate, gradually liberalising its foreign exchange market.
Moreover, Uzbekistan has streamlined customs and trade procedures, embraced digital transformation, and improved its legal and institutional frameworks. The HKTDC identifies substantial potential in Uzbekistan's infrastructure and logistics sectors, alongside opportunities for trade co-operation.
“Hong Kong firms can seize a first‑mover advantage by setting up or partnering with factories in Uzbekistan to develop products on the ground. Tashkent’s push to build a ‘Made in Uzbekistan’ brand can give Hong Kong companies a springboard into Central Asia and ultimately, European markets,” HKTDC Principal Economist Alice Tsang said.
Beneficial trip: Hong Kong Trade Development Council (HKTDC) Chairman Frederick Ma says the Chief Executive’s delegation can boost financial co-operation between Hong Kong and Kazakhstan, while Hong Kong and Mainland companies can go global together to explore this emerging market. Image source: www.news.gov.hk
With the Mainland as Uzbekistan’s largest trading partner, accounting for over 20% of its total foreign trade turnover, and Kazakhstan as the Mainland’s economic anchor in Central Asia, closing 2025 with bilateral trade volume of US$48.8 billion, accounting for 46% of the Mainland’s trade turnover with the region, the HKTDC noted Central Asia’s appeal to Mainland capital is rising, signalling stronger demand for Hong Kong’s financial and professional services, from cross‑border financing and wealth management to legal and compliance, positioning the city as a key intermediary.
Amid persistent geopolitical uncertainties, the Hong Kong Trade Development Council (HKTDC) released a research report on Monday (May 18) entitled "Hong Kong's Connecting Opportunities in Central Asia."
Speaking at the report's launch, Mr. Bruce Pang, HKTDC Director of Research, described Central Asia as the geographical core of the Silk Road Economic Belt and the primary land link between Asia and Europe. He noted that the inaugural biennial China-Central Asia Summit (2023) and the subsequent 2025 summit established a specialised, high-level diplomatic framework between the Chinese Mainland and Central Asian countries.
Mr. Bruce Pang, HKTDC Director of Research, Photo by Bastille Post
According to data from the Ministry of Commerce, ongoing structural reforms, economic diversification, and improvements to investment and business environments present new opportunities for bilateral cooperation between China and Central Asian countries. Moreover, sustained economic growth, coupled with a youthful and dynamic demographic, ensures long‑term market vitality.
Mr. Pang pointed out that in 2024, Kazakhstan absorbed US$6.2 billion (52%), and Uzbekistan attracted US$2.2 billion (19%) of the Chinese Mainland’s investment in Central Asia in 2024. The Mainland’s investment in Uzbekistan rose from US$882 million in 2015 to US$2.2 billion in 2024, representing a compound annual growth rate of 10.7% over the period. He mentioned that Kazakhstan remains the largest investment destination for the Mainland in Central Asia.
Citing data from the General Administration of Customs, Mr. Pang said continuous growth has been observed in bilateral trade between the Chinese Mainland and Central Asian countries. Among them, Kazakhstan is the largest trading partner with the Mainland of the region, with the trade value of US$48.8 billion, accounting for 46% of the region’s trade in 2025.
Ms. Alice Tsang, Principal Economist (Global Research Team) of HKTDC, Photo by Bastille Post
Ms. Alice Tsang, Principal Economist (Global Research Team) of HKTDC, noted that Kazakhstan is the primary regional hub for business and investment in Central Asia, and the largest economy of Central Asia, with 53% of the region's GDP in 2025. She highlighted that Kazakhstan is also the most favourable FDI destination in Central Asia, with a volume of US$151 billion in 2024, accounting for about 70% of the region's inward FDI stock. Furthermore, it is currently the only Central Asian country with direct, operational rail links to the Chinese Mainland.
Ms. Tsang pointed out that the Astana International Financial Centre (AIFC), established in 2018 with an English Common Law jurisdiction, presents an opportunity for international financial institutions to enter the Central Asian market under a more familiar common law legal framework. With the favourable tax regime and incentives provided by the special economic zone, AIFC has attracted over US$21 billion in investment and 5,500+ registered companies since its establishment as of March 2026. As of the first half of 2025, 14 Hong Kong companies and 725 Chinese companies are registered with the AIFC.
She also noted that the Development Bank of Kazakhstan has issued a RMB 2 billion dim sum bond in Hong Kong in September 2025, marking the first-ever yuan-denominated bond issued by a government-owned Central Asian issuer. Kazakhstan's national company KazMunayGas has successfully issued a dim sum bond in the amount of RMB 1.25 billion in Hong Kong in October 2025, while Jiaxin International Resources Investment Limited, a Chinese mineral extraction company operating in Kazakhstan, debuted on the Hong Kong and Kazakh stock exchanges on 28 August in the world’s first such dual listing.
As for Uzbekistan, Ms. Tsang said the country aims to obtain full WTO membership by the end of this year. With alignment of legal and standards with the international community, as well as its improvement in market access and reduced technical barriers, Uzbekistan targets achieving a GDP of US$160 billion and a per capita income of US$4,000 in 2030, aiming to double the volume of exports to US$45 billion and increase the share of the private sector in the economy to 85%.
Mr. Pang noted that Kazakhstan and Uzbekistan are Hong Kong's key trading partners in Central Asia. According to Hong Kong's Census and Statistics Department, Hong Kong's exports to Central Asia reached US$313.4 million in 2025, while imports from the region stood at US$10.3 million. In 2025, Hong Kong's main export categories to Central Asian countries were: telecommunications equipment (35.5%), other goods (30.7%), and computers (16.4%).
According to Hong Kong's Census and Statistics Department, Hong Kong's main export categories to Central Asian countries were: telecommunications equipment (35.5%), other goods (30.7%), and computers (16.4%) in 2025.
For the potential collaboration between Hong Kong and Central Asian countries, Mr. Pang outlined four main areas where Hong Kong can seize opportunities: logistics, goods trade, gold trade, and finance. He specifically noted that in gold trade and finance, Hong Kong can leverage Central Asia's significant gold reserves to partner with its world-class trading, clearing, and storage ecosystem. As for finance, he pointed out that Hong Kong can address substantial funding requirements for large-scale industrial upgrades and infrastructure development.
When asked how Hong Kong can facilitate Central Asian businesses, Mr. Pang raised several suggestions: providing regional logistics management and distribution hub services; offering advice on international trade compliance and quality control; and connecting firms to GBA and Southeast Asian client bases.
He also said Hong Kong can offer access to diverse institutional and private capital pools, facilitate debt financing, public listing on HKEX, and trade finance structuring to meet businesses’ capital needs, and provide standard compliance consultation, testing, and certification, as well as ESG advisory and sustainable investment support. As for digital Transformation solutions, he said that Hong Kong can offer AI, Fintech, and smart city solutions.
Left: Ms. Alice Tsang, right: Mr. Bruce Pang, Photo by Bastille Post
Asked whether the current lack of direct flights between Central Asian countries and Hong Kong would hinder business development, Mr. Pang acknowledged that air transport is a potential problem, but one that can be addressed through alternative routes. He pointed out that a bigger challenge is the language barrier. While Hong Kong businesses may initially operate in major cities in Kazakhstan and Uzbekistan, expanding to other cities would be far more challenging in the future. To build deeper relationships, Hong Kong merchants would need to navigate local languages such as Kazakh, Uzbek, and Russian.
