Harnessing Central Asias Potential

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

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.”

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.”

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.”

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.”