Harnessing Central Asia’s potential

A delegation led by Chief Executive John Lee will visit Kazakhstan and Uzbekistan in June to establish new trade routes for Hong Kong.

Harnessing Central Asia’s potential. Image source: www.news.gov.hk

Commissioner for Belt & Road Nicholas Ho believes that Hong Kong and Central Asian countries have significant bilateral development potential.

Mr Ho said there are areas of co-operation that Hong Kong and Central Asia can further explore.

“Number one is natural resources. These state-owned companies are looking for a platform, a market to list their companies and to fundraise. Hong Kong can empower that.

“Second is green development. Hong Kong has a comprehensive green economic engine, from green finance to green industry, green technologies, green standards, and green professional services; with these, we can help Central Asian countries to reach carbon neutrality a lot sooner.

“Third is digital economy. Many Central Asian countries are driving artificial intelligence and digital development, and they are hoping that Hong Kong can help them get there faster.

“Fourth is tourism infrastructure. Central Asia has a lot of rich tourism assets, and Hong Kong service providers and hospitality brands can help invest and develop Central Asian countries to unlock these tourism treasures.”

Harnessing Central Asia’s potential. Image source: www.news.gov.hk

Opening doors

Mr Ho added that Hong Kong is the ideal Belt & Road trading hub. Compared with 2020, Hong Kong's total merchandise trade with Central Asia had increased by 27% in 2025.

He expressed confidence that the Chief Executive's visits will further promote economic and trade development between Hong Kong and Kazakhstan and Uzbekistan.

“For this mission, we are hoping to first expand into new markets. Second is to build these communication mechanisms.

“We are hoping that this mission will open big doors between government to government, and also chamber to chamber, business to business. These are important communication channels.

“Third is the hub to hub model, we hope that Hong Kong can be Central Asian companies’ hub to access the Greater Bay Area (GBA), the Chinese Mainland, the Association of Southeast Asian Nations (ASEAN), and beyond. And in return, we are hoping that Kazakhstan and Uzbekistan can be Hong Kong companies, GBA companies and ASEAN companies’ hub to access into Central Asia.”

Harnessing Central Asia’s potential. Image source: www.news.gov.hk

Trading partners

Kazakhstan has the most developed economy in Central Asia and is rich in oil resources. In 2025, Kazakhstan was Hong Kong’s largest trading partner and the leading export market in the region.

Hong Kong has also made a significant investment in Kazakhstan, with the city ranked as the country’s 10th largest net-investor globally and its fourth largest Asian net-investor as of January 2026.

Hong Kong Trade Development Council (HKTDC) Principal Economist Alice Tsang said the council tracks the development of this emerging market closely because there is always new potential.

“We can see that more Kazakhstan companies are actually seeking for listing in Hong Kong, as well as (organisations) like the Development Bank of Kazakhstan also have a 'dim sum' bonds issuance in Hong Kong, so we can see that in the services sector there will be huge potential; in particular, there are 14 Hong Kong companies already registered in the Astana International Financial Centre.

“We believe that there are more Hong Kong businessmen or companies that are interested in these new Central Asian markets.”

Trading hub: Commissioner for Belt & Road Nicholas Ho says Hong Kong is the ideal Belt & Road trading hub. Compared with 2020, Hong Kong’s total merchandise trade with Central Asia had increased by 27% in 2025. Image source: www.news.gov.hk

Rail links

The most populous Central Asian country, Uzbekistan is home to more than 38 million people. It also boasts a diverse range of natural resources, including hydrocarbons, gold and cotton.

In 2025, Uzbekistan was Hong Kong’s third largest trading partner in Central Asia. 

Uzbekistan is actively working to open and integrate into international transport corridors, with the China-Kyrgyzstan-Uzbekistan railway as one of its top priorities. Once completed, the railway will provide Kyrgyzstan and Uzbekistan with their first direct rail connections to China.

HKTDC Director of Research Bruce Pang noted that some of the countries have introduced serious economic reforms.

“They want to diversify their economy. Like Uzbekistan, the policy-makers vow to better upgrade their light industry. So we may expect more imported products from their light industries.”

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.

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.