The Head of the Ministry of National Economy of Kazakhstan, Alibek Kuantyrov, recently held a meeting with Hong Kong's Minister of Finance, Paul Chan Mo-po, and the Secretary of Commerce and Economic Development, Algernon Yau, the Ministry of National Economy of Kazakhstan reported. The discussions centered around bolstering trade and economic cooperation between Kazakhstan and the People's Republic of China, with a particular focus on Hong Kong.

One of the key topics addressed was the expansion of collaboration in vital sectors, such as agriculture and e-commerce, where Hong Kong stands as the largest market. Both parties expressed their commitment to furthering these partnerships, recognizing the potential for mutual economic growth.

Investment opportunities in Kazakhstan were also a major point of discussion during the meeting. Emphasizing the favorable conditions for foreign investors in Kazakhstan, the parties expressed readiness to continue working on the draft Agreement on the Promotion and Protection of Investments.

The issue of resuming direct flights between Kazakhstan and Hong Kong, previously operated by Air Astana before the pandemic, was raised by the Hong Kong delegation. This discussion underscores the importance of reestablishing connectivity and facilitating easier travel between the two regions.

Furthermore, in Davos, Minister Alibek Kuantyrov participated in the business discussion “Economy, Challenges,” joining global leaders such as Singapore's President Tharman Shanmugaratnam, IMF's Gita Gopinath, Harvard Business School's Laura Alfaro, and Stanford University's Erik Brynjolfsson. The discussion delved into contemporary challenges and opportunities in the global economy, including the development of artificial intelligence and the transition to a green economy.

Kazakhstan and Hong Kong: A Growing Partnership

Hong Kong, renowned as one of the world's premier financial and logistics hubs, boasts a status with 8,978 regional headquarters and representative offices of foreign companies. The city's focus on business with mainland China is evident with 182 financial and banking institutions, along with 42 representative offices of foreign banks.

The Hong Kong foreign exchange market, ranking second in Asia and fourth globally, reflects its importance in international finance, with a daily turnover of $632.1bn in foreign exchange transactions. The stock market is equally significant, standing at the 6th position in Asia and 9th globally, with a market capitalization of $4.1 trillion and over 2,601 listed companies.

The trade turnover between Kazakhstan and Hong Kong in January-July 2023 reached $45.9mn, marking a substantial 59.7% increase compared to the same period in the previous year. Exports from Kazakhstan to Hong Kong during this period increased by 31%, amounting to $26.7mn. The overall trade turnover in 2022 stood at $51.8mn, reflecting 91% growth compared to 2021.

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