New Silk Road 2.0: HK to Central Asia 

For most Hongkongers, Central Asia remains a blank space on the map – but thanks to a resource boom and liberalization, the five “Stans” are becoming Hong Kong’s next frontier.

The Standard is running a series of stories revealing various aspects of Central Asia – economy and finance, society and politics, art and culture – as well as their growing ties with Hong Kong.

The five “Stans” – home to 85 million people, vast energy reserves, and natural resources – are led by Kazakhstan and Uzbekistan. “Stan” is a Persian suffix meaning “place of.” These lands were once part of the Persian Empire and later the USSR. Three of the five share a border with China’s Xinjiang region, demarcated by the Tianshan Mountains.

Today, Central Asia is not a single story. Kazakhstan offers business pragmatism – the common-law based Astana International Financial Centre, backed by oil wealth. Uzbekistan offers cultural depth – Samarkand, Bukhara, the soul of the Silk Road – and is now the region’s most dynamic reform story. The other three offer risk, beauty, or both: Turkmenistan’s gas-rich isolation, Kyrgyzstan’s mountain democracy, and Tajikistan’s Pamir frontier.

For Hong Kong, the opportunities are real. Kazakhstan and Uzbekistan have capital to deploy and are looking for asset allocation opportunities – including securitizing state assets such as commodities, raising yuan for trade settlement with mainland China, and developing fintech and crypto – all areas where Hong Kong’s capital markets have a clear edge. In addition, both countries are enhancing urban and infrastructure development, including tourism facilities and airport expansion.

Indeed, Central Asia is no stranger to China. There were vibrant exchanges. The Sogdians from Samarkand in Uzbekistan dominated Silk Road trade for centuries as diplomats and cultural bridges, thriving on their steppe, horse, and yurt culture before maritime routes took over. Being landlocked limited Central Asia for centuries, but rising commodity prices and post-Soviet liberalization have changed the picture.

The connections run deeper. Some of these countries proudly claim descent from Timur, the 14th-century conqueror who claimed a link to Genghis Khan and made Samarkand his capital. The Tang poet Li Bai was likely born in Suyab, present-day Kyrgyzstan; Tang coins found there confirm its role as a frontier garrison.

Ming admiral Zheng He may trace his ancestry to Bukhara in Uzbekistan. And 1.5 million Kazakhs live in Xinjiang as one of China’s 56 official ethnic groups.

Islam and Orthodox Christianity are the main religions. While their languages are of Turkic and Percian roots, Russian remains the lingua franca, but more young people are learning Mandarin for business. As the Belt and Road Initiative matures and the Middle Corridor becomes a viable alternative to Russia’s Northern Sea Route, Central Asia is the New Silk Road 2.0 – and Hong Kong has every reason to pay attention.

Hong Kong SAR passport holders can visit Kazakhstan, Uzbekistan, and Kyrgyzstan visa-free, but not the other two countries.

Read more:
Kazakhstan: the business anchor – ‘Financial hub of the Caspian’
Uzbekistan: the soul of the Silk Road – awakening giant
Kyrgyzstan: the most democratic – Switzerland of Central Asia
Turkmenistan: the locked door – gas-rich, marble-clad, and nearly impossible to enter
Tajikistan: the roof of the world – poorest of the Soviet heirs, richest in mountains and resilience

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓