Central Asia expresses strong confidence in HK and eyes deeper cooperation: Algernon Yau

The delegation led by the Chief Executive has returned from a successful visit to Central Asia, where officials in Kazakhstan and Uzbekistan voiced strong confidence in Hong Kong and identified significant opportunities for future partnership, said Secretary for Commerce and Economic Development Algernon Yau Ying-wah.

Speaking on a radio program on Monday, Yau noted that Kazakhstan and Uzbekistan are developing rapidly and maintain excellent relations with China. He highlighted massive potential for collaboration in sectors such as finance, trade, infrastructure, innovation and technology, green development and tourism. 

Trade volumes between Hong Kong and Central Asia are steadily growing. Bilateral merchandise trade hit HK$2.53 billion last year, a 27 percent surge compared to 2020. 

Yau said that both countries have agreed to discuss Comprehensive Double Taxation Agreements and Investment Promotion and Protection Agreements with Hong Kong to help cement trade ties. 

He added that mainland enterprises accompanying the delegation believe that China’s advanced technologies, together with Hong Kong’s expertise in finance and professional services, can help meet Central Asian market demands, particularly in developing sustainable agriculture.

Meanwhile, Chinese Manufacturers’ Association of Hong Kong president Wingco Lo Kam-wing said in the same program that the association has signed two memoranda of understanding with Central Asian chambers of commerce. 

The agreements aim to establish a formal and regular platform for exchanges on trade, investment, business matching and market intelligence, helping local enterprises keep abreast of regional policies and business environments.

Lo noted that the trip has increased confidence among Hong Kong businesses in partnering with Central Asia. The association plans another visit later this year to explore new opportunities, with the signed MoUs serving as a tool to facilitate more effective communication with local businesses and government authorities. 

To further assist Hong Kong companies, Lo urged the government to extend the coverage of small and medium support funds to Central Asia to subsidize market research, field visits, and brand promotion. 

He also suggested strengthening export credit insurance and investment protection, as well as consolidating and releasing market data, to help local companies expand their operations in the region with greater confidence.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓