Hong Kong Chief Executive John Lee announced today (May 19) before an Executive Council meeting that Hong Kong's cooperation with Central Asia has already achieved certain results. For example, in the financial sector, a Kazakh company conducted a simultaneous listing in Hong Kong and Astana last year; the Development Bank of Kazakhstan also issued its first offshore renminbi "dim sum" bond in Hong Kong. Lee stated he will meet with senior local government officials to further consolidate cooperation, create a more favorable environment for business expansion and project matching, strengthen people-to-people connections, and promote more commercial and cultural exchanges.
Lee noted that Kazakhstan and Uzbekistan are two major countries in Central Asia and serve as hubs for foreign investment entering the Central Asian market, while Hong Kong is a hub for foreign investment entering East and Southeast Asia. Strengthening cooperation between these two hubs and establishing a hub-to-hub cooperation model can create new corridors connecting Central Asia, East Asia, and Southeast Asia. This is beneficial for the development of Hong Kong's economy, trade, and service industries, creating more employment and value-added opportunities for Hong Kong.
Lee indicated that this visit to Central Asia has three main objectives. First, to further explore emerging markets and lay the groundwork for long-term economic and trade exchanges. Central Asia is developing rapidly with a vast market, and this is his first visit to the region. He believes that delegation members will gain a better understanding of the latest developments in finance, trade, infrastructure, and innovation technology in Central Asia through on-site inspections, uncovering new market opportunities. Simultaneously, they will actively promote Hong Kong's unique advantages under the "one country, two systems" framework to attract Central Asian enterprises to use Hong Kong as a platform for business expansion.
Second, to strengthen government-to-government relations and exchanges, promoting closer cooperation between both sides. Third, to build a hub-to-hub cooperation model. As mentioned, Kazakhstan and Uzbekistan are key Central Asian hubs, while Hong Kong serves as a gateway to East and Southeast Asia. Enhancing cooperation between these hubs can establish new pathways connecting these regions, benefiting Hong Kong's economic, trade, and service sector development, and creating more local employment and value-added opportunities.
Lee stated that global trade relations are being reshaped. The Hong Kong government's proactive move to explore the Central Asian market aims to establish new commercial channels for Hong Kong, discover emerging markets rich with opportunities, consolidate traditional markets while exploring new avenues, leverage Hong Kong's role as an international platform, increase awareness and appreciation of Hong Kong's market and advantages among Central Asian countries, bring more economic benefits to Hong Kong, and allow citizens to share in greater economic dividends.
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