Kazakhstan and Hong Kong are expanding their economic partnership: four intergovernmental memorandums and 45 commercial agreements have been signed
In Astana, Deputy Prime Minister and Minister of National Economy of the Republic of Kazakhstan Serik Zhumangarin held a meeting with business representatives from Hong Kong and mainland China. The event was attended by approximately 70 business representatives, including 40 companies from Hong Kong and 30 from mainland China, operating in the fields of finance, logistics, technology, energy, industry, and professional services.
Opening the meeting, representatives of the Hong Kong delegation noted that the purpose of the visit was to explore the prospects for partnership between Kazakhstani companies and businesses from Hong Kong and mainland China, as well as to identify new avenues for trilateral cooperation in the Hong Kong-Mainland-Kazakhstan format.
During the meeting, the Northern Metropolis development project was presented. The project covers a third of Hong Kong's territory and envisions the creation of over 3,000 hectares of new land, including approximately 800 hectares of industrial space. It is noted that the industrial park could become a platform for Kazakh and Central Asian companies to enter the mainland Chinese market through Hong Kong as an international financial and trade hub.
Investors are offered various cooperation mechanisms, including public-private partnerships, joint ventures, leases of production facilities, and co-investment. Additional advantages include a developed financial infrastructure, the application of English common law, and a comprehensive business support ecosystem.
Serik Zhumangarin noted that, thanks to its unique economic development experience, Hong Kong has become one of the world's leading financial, trade, and logistics centers.
"We see significant potential for expanding the participation of Hong Kong partners in projects in priority sectors of the Kazakh economy. Kazakhstan remains a reliable and stable investment platform, with high creditworthiness and significant international reserves," emphasized the Deputy Prime Minister of Kazakhstan.
Hong Kong Chief Executive John Lee stated that the region is ready to offer Kazakh businesses access to international financial markets, the infrastructure of China's Greater Bay Area, and the opportunities of the Northern Megacity – a new hub for innovation, science, and technology.
One successful example of cooperation is the placement of Chinese yuan-denominated Eurobonds by the Development Bank of Kazakhstan, listed on the Hong Kong and Kazakhstan stock exchanges.
Adal Fund L.P., with a target volume of up to USD 1 billion, is being considered as another practical tool. It focuses on developing export agriculture, deep processing of agricultural products, and the consolidation of domestic producers.
"Over the past 20 years, Kazakhstan has attracted over USD 445 billion in foreign direct investment, including approximately USD 30 billion from China. Hong Kong investment in Kazakhstan's economy has reached almost USD 740 million. We are interested in further strengthening our partnership and creating new investment opportunities for businesses in our countries," noted Serik Zhumangarin.
Hong Kong Trade Development Council (HKTDC) Chairman Frederick Ma emphasized that the delegation brought together leading business representatives from Hong Kong and mainland China, ready to implement joint projects with their Kazakh partners.
He noted that the HKTDC has been promoting international trade relations for 60 years and currently has a network of 51 offices worldwide, including a representative office in Almaty, which supports both Hong Kong investors entering the Kazakhstan market and Kazakh companies interested in expanding their presence in Asia.
In turn, Hong Kong Chief Executive John Lee noted Kazakhstan's strategic importance in international cooperation and the Belt and Road Initiative. He emphasized that Kazakhstan plays a key role in developing transport and logistics routes between Asia and Europe and is an important economic partner for Hong Kong.
According to John Lee, Hong Kong is ready to offer Kazakh businesses access to international financial markets, the infrastructure of China's Greater Bay Area, and the opportunities of the Northern Megacity — a new hub for innovation, science, and technology.
Following the visit, the parties solidified their agreements: four intergovernmental memorandums of understanding were signed, as well as 45 agreements and memorandums between companies and organizations from Kazakhstan, Hong Kong, and mainland China. These documents cover cooperation in aviation, finance, trade, innovation, technology, the digital economy, and green development.
