Author: Dilfuza Turaeva, Uzbekistan
The visit of the Chief Executive of the Hong Kong Special Administrative Region (HKSAR) John Lee Ka-chiu to Kazakhstan and Uzbekistan from 31 May to 6 June 2026 reflects a structural transformation in Hong Kong's role within the system of Eurasian economic interactions. Its significance extends beyond routine diplomatic engagement and is linked to the emergence of a new model of Hong Kong's integration into the Belt and Road Initiative (BRI), one that is grounded in institutional intermediation rather than solely in trade functions.
Introduction
In the context of the fragmentation of the global economy, Hong Kong is strengthening its positioning as a financial and institutional hub that facilitates the alignment of different regulatory frameworks governing capital and investment flows. Within this system, Central Asia is increasingly emerging as a macro-regional space embedded in overlapping Eurasian logistics and investment corridors, rather than a collection of separate national markets.
A particularly important role is played by Uzbekistan, where accelerated institutional modernization, digitalization, and investment climate reforms are generating demand not only for capital but also for mechanisms ensuring its legal, financial, and managerial facilitation. This creates a foundation for deeper integration with international financial centers.
Thus, the visit should be interpreted as an indicator of a shift from traditional investment and trade-based interaction toward the formation of an institutionally integrated model of cooperation between Hong Kong and Central Asian countries, where the key factor is no longer the volume of flows, but their governance and structuring.
The Visit as an Indicator of the Transformation of Hong Kong's External Economic Strategy
The official visit of John Lee Ka-chiu to Kazakhstan and Uzbekistan took place within the framework of an expanded program of external economic engagement, aimed at diversifying the geography of economic cooperation and strengthening ties with emerging Eurasian markets. The Chief Executive led a delegation of 75 representatives from Hong Kong and mainland Chinese enterprises—the largest business delegation of his term. During the visit, a total of 96 cooperation agreements and memorandums of understanding were signed across both countries, with the total value of agreed economic initiatives exceeding USD 1.65 billion (approximately HKD 13 billion). Specifically, with Uzbekistan, 35 memorandums of understanding and agreements were concluded, covering trade, investment, finance, technology, aviation and other fields.
Chronologically, the visit forms part of a consistent diplomatic and economic trajectory pursued by the Hong Kong administration, which in 2025–2026 is reflected in official strategic documents as a transition towards a model of "diversified global partnership expansion." In particular, Hong Kong's Policy Address for 2025/2026 emphasizes the need to strengthen ties with regions demonstrating high potential for structural growth, including Central Asia, the Middle East, and Africa. Within this framework, John Lee's June 2026 visit should be understood not as an isolated diplomatic initiative, but as the practical implementation of a strategic orientation toward the expansion of Hong Kong's "external economic perimeter."
Substantively, the visit demonstrates the institutionalization of a new model of external economic engagement, articulated in official discourse as a shift toward the "super connector + super value-adder" concept. This notion redefines Hong Kong's role not as an independent investor or trading partner, but as an infrastructural intermediary of global capital, providing legal compatibility, financial conversion, and reduced transaction costs for cross-border projects. Within this model, Hong Kong functions as a bridging institution between the Chinese mainland and emerging regional markets, including Central Asia.
An important dimension of this transformation is the shift in emphasis from bilateral trade toward the architecture of regional economic linkages. The agreements signed during the visit include arrangements between the Hong Kong General Chamber of Commerce (HKGCC) and the Chamber of Commerce and Industry of Uzbekistan, as well as framework agreements between Hong Kong financial institutions and the National Bank of Uzbekistan concerning the development of project financing mechanisms and investment risk management. Of particular significance are the preliminary agreements in civil aviation—including the initialing of a civil aviation agreement between Hong Kong and Uzbekistan, allowing airlines from both sides to utilize traffic rights to develop routes—which reduce transactional and logistical barriers to business cooperation.
These developments reflect a transition from a model of "capital as a resource" to one of "capital as infrastructure." In this context, Hong Kong does not merely export financial services but instead shapes the institutional conditions for integrating developing economies into global value chains. This is particularly evident in the expansion of cooperation in financial technology and digital platforms, where the key focus shifts from the volume of investment to the standardization of financial procedures and the integration of regulatory systems.
Central Asia, within this configuration, is acquiring the status of an emerging macro-region with increasing internal coordination. In contrast to earlier perceptions of the region as a collection of separate national markets, Hong Kong's current strategy views it as a unified economic space embedded within Eurasian transport and investment corridors. This aligns with the broader logic of the BRI, which is increasingly transitioning from infrastructure extension to institutional integration.
Uzbekistan holds particular significance as the most dynamically reforming economy in the region. Following the adoption of the "Uzbekistan–2030" strategy, the country has intensified its efforts toward liberalizing the investment environment, digitalizing public administration, and developing export-oriented sectors, including IT and industrial production. These processes generate structural demand for external institutional resources, ranging from international arbitration mechanisms to venture financing frameworks and cross-border transaction facilitation.
In this context, John Lee's visit should be interpreted as a mechanism for synchronizing two levels of transformation: on the one hand, Hong Kong's strategic reorientation toward new growth markets, and on the other, the institutional demand of Central Asian countries for integration into global financial and legal systems. As a result, an interaction model is emerging in which the central focus is no longer the exchange of resources, but the co-construction of the institutional environment for economic development.
Practical Outcomes of the Visit and Their Implications for Uzbekistan in the Context of the "Uzbekistan–2030" Strategy
The practical substance of the recent visit to Uzbekistan, during which 35 agreements and memorandums of understanding were concluded, reflects a shift from declarative cooperation expansion toward the formation of an institutionally embedded system of economic interaction.
First, the most significant outcome of the visit is the expansion of the financial architecture of cooperation between Uzbekistan and Hong Kong. The signed agreements between banking and investment institutions of both sides establish a foundation for the introduction of project financing mechanisms, investment risk management tools, and the structuring of cross-border capital flows. This signifies a transition from a model of direct investment to a model of "high-level financial intermediation," in which Hong Kong acts as an integrator of global capital. For Uzbekistan, this creates a qualitatively new level of access to international financial markets, as capital is increasingly mobilized not merely as a resource, but as a managed system of risk and return allocation.
Within the framework of the "Uzbekistan–2030" strategy, which is oriented toward accelerated industrialization and enhanced investment attractiveness, this mechanism generates three structural effects:
- expanded access to global financial resources beyond traditional bilateral credit channels;
- improved quality of investment projects through the implementation of international compliance and corporate governance standards;
- the formation of preconditions for the development of a domestic capital market through participation in cross-border financial structures.
Accordingly, financial cooperation with Hong Kong does not merely increase the volume of investment, but transforms the institutional nature of the investment process in Uzbekistan.
Second, an important component of the visit was the initialing of an air services agreement between Hong Kong and Uzbekistan. This aviation agreement should be interpreted not as a purely transport measure, but as an instrument for reducing transaction costs in economic interaction. Direct connectivity accelerates investment cycles, facilitates the mobility of professionals, and increases the density of business networks between the two economies.
In line with the "Uzbekistan–2030" strategy, which envisions strengthening the country's role as a regional logistics hub, this agreement generates the following effects:
- accelerated integration of Uzbekistan into trans-Eurasian supply chains;
- enhanced attractiveness of the country as a regional investment hub in Central Asia;
- strengthened role of Tashkent as a center for business coordination between East Asia and Central Asia.
As a result, transport integration enhances not only mobility but also the structural interconnectedness of economic systems.
Third, a key political-economic outcome of the visit was the agreement to introduce a mutual visa-free arrangement for stays of up to 30 days. Currently, HKSAR passport holders can visit Uzbekistan visa-free for 10 days, while holders of ordinary Uzbek passports must apply for a visa to enter Hong Kong. Under the new arrangement, the visa-free period for HKSAR passport holders will be extended from 10 to 30 days, and all Uzbek passport holders will be granted visa-free access to Hong Kong for 30 days. The governments of both sides will immediately advance discussions of the detailed arrangements to strive for early implementation. From the perspective of institutional economics, a visa-free regime represents not only an instrument of migration policy, but also a mechanism for creating a space of trust necessary for the functioning of cross-border markets in capital and services.
In the context of the "Uzbekistan–2030" strategy, this mechanism generates three main channels of impact:
- reduced barriers to business activity and faster investment decision-making;
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- increased frequency of inter-institutional and corporate contacts with Asian financial centers;
- the formation of a denser network of business interactions between the private sectors of Uzbekistan and Hong Kong.
In the long term, this strengthens Uzbekistan's integration into global economic networks not through the export of commodities or goods, but through the institutional mobility of capital and services.
Fourth, a separate component of the visit concerns the development of the digital economy and innovation cooperation, including collaboration between Cyberport Hong Kong and IT Park Uzbekistan. These agreements reflect a shift from a model of technology transfer toward a model of joint innovation ecosystem development.
Unlike the traditional approach, in which developing countries act as recipients of technology, this model establishes a shared ecosystem encompassing venture financing, startup acceleration, and integration into Asian digital markets.
From the perspective of the "Uzbekistan–2030" strategy, which prioritizes the development of a digital economy, this implies:
- accelerated formation of an export-oriented IT sector;
- integration of Uzbek technology companies into Asian investment networks;
- a shift from internal digitalization toward global digital competitiveness.
This implies that technological cooperation becomes an instrument of structural transition from an industrial economy to a hybrid digital-innovation-based model.
Fifth, the visit yielded important progress in the area of institutional and legal frameworks. The HKSAR government and the government of Uzbekistan agreed to launch negotiations on a comprehensive double taxation agreement and agreed to launch negotiations on an investment promotion and protection agreement between the two sides. In addition, the Hong Kong Customs and Uzbekistan Customs will launch mutual recognition arrangements for Authorized Economic Operators to facilitate customs clearance and enhance trade efficiency. These institutional measures will help eliminate barriers to cross-border investment and provide the long-term legal protections required by investors to deploy capital with confidence.
Overall, the practical outcomes of the visit do not constitute a set of isolated agreements, but rather an interconnected system of institutional changes. Their cumulative effect lies in the creation of a new model of interaction in which Uzbekistan gains access not only to capital and technology, but also to the international infrastructure of financial and institutional development governance. In the scope of the "Uzbekistan–2030" strategy, this signifies a transition from a model of catch-up modernization to a model of embedded development, in which integration into global systems is achieved simultaneously through financial, transport, and digital mechanisms.
Long-term Prospects of Cooperation between Uzbekistan and Hong Kong in the Context of the Belt and Road Initiative
The model of interaction between Hong Kong and Uzbekistan that has emerged as a result of the institutional agreements extends beyond short-term growth of economic contacts and takes on the character of a long-term structural transformation embedded in the evolution of the Belt and Road Initiative. Its key feature lies in the transition from infrastructure-oriented cooperation to a model of institutional and financial integration, in which mechanisms for managing capital, risk, and technological flows become decisive.
Within this configuration, Hong Kong reinforces its role as a global financial and institutional hub that facilitates the interoperability of different economic systems through the standardization of financial, legal, and corporate practices. For Uzbekistan, this implies integration into more complex global capital allocation chains that go beyond traditional bilateral investment models. As a result, cooperation acquires a multi-layered character in which financial, transport, and technological components mutually reinforce one another.
The prospective significance of this interaction is determined by its impact on the implementation of the "Uzbekistan–2030" strategy, which is oriented toward industrial modernization, digital transformation, and the enhancement of the country's investment attractiveness. In the long term, Hong Kong's involvement contributes not only to expanded access to international financial resources but also to the transformation of Uzbekistan's development model itself—from catch-up modernization to embedded integration into global value chains.
Particular importance is attached to the institutionalization of the agreements reached. Their sustainability depends on the establishment of permanent coordination mechanisms—such as joint working groups, financial platforms, and business councils—that ensure not only project implementation but also the alignment of strategic priorities. Otherwise, there is a risk of fragmentation of outcomes into isolated initiatives lacking systemic impact.
An additional factor of long-term sustainability is the development of human capital and the expansion of educational, professional, and technological exchanges. This creates the basis for reproducing the institutional practices necessary for the functioning of cross-border financial and innovation ecosystems. In the case of Uzbekistan, this is particularly important as it enables the consolidation of reform outcomes through integration into international knowledge and competence networks.
In a broader context, the development of cooperation between Hong Kong and Uzbekistan reflects the evolution of the BRI itself, which is gradually shifting from a logic of infrastructure expansion toward a logic of institutional interconnectedness. In this model, the key resource is not only physical infrastructure, but also the capacity to ensure compatibility between financial regimes, regulatory systems, and investment practices.
Therefore, the long-term prospects of interaction are determined not so much by the volume of signed agreements as by the ability of the parties to transform them into a sustainable system of economic coordination. In this context, Hong Kong functions as an institutional intermediary of global capital, while Uzbekistan represents an emerging economy integrating into more complex architectures of international economic governance.
Conclusion
The outcomes of the official visit of the Chief Executive of HKSAR to Kazakhstan and Uzbekistan are to be interpreted as an expression of a deeper transformation in Hong Kong's external economic role under conditions of increasing global economic complexity and the restructuring of Eurasian integration processes. Its significance is determined not only by the expansion of the geographical scope of cooperation, but also by the formation of a new institutional logic of interaction, within which Hong Kong consolidates its function as a financial, legal, and organizational intermediary in transregional flows of capital, technology, and services.
The examined practical results of the visit demonstrate that the agreements reached constitute not an industry-specific arrangement, but a systemic framework of interaction encompassing financial infrastructure, transport connectivity, visa liberalization, and technological cooperation. Collectively, these elements establish the basis for a transition from fragmented economic contacts to a sustainable model of institutional integration, in which the key focus is the governance of the conditions of economic interaction rather than merely its scale.
These processes are of particular importance for Uzbekistan, as they directly align with the objectives of the "Uzbekistan–2030" development strategy, which is oriented toward industrial modernization, digital transformation, and deeper integration into global value chains. In this context, cooperation with Hong Kong ensures not only access to financial resources but also integration into more complex mechanisms of international financial and technological intermediation, thereby strengthening the institutional resilience of ongoing reforms.
杠杆股票配资开户In a broader perspective, the outcomes of the visit reflect the evolution of the Belt and Road Initiative, within which institutional interconnectedness, financial instruments, and governance mechanisms are gaining increasing importance relative to traditional infrastructure projects. This indicates a transition toward a more advanced phase of Eurasian economic integration, in which not only physical but also institutional forms of connectivity play a decisive role.
The event marks the emergence of a new model of interaction between Hong Kong and Uzbekistan, based on a combination of financial complementarity, technological alignment, and institutional coordination. The long-term sustainability of this model depends on the ability of the parties to ensure the effective implementation of the agreements reached and the development of permanent mechanisms for economic and strategic cooperation.
(The author is a former Lead Researcher at the Institute for Strategic and Regional Studies (ISRS) under the President of the Republic of Uzbekistan, a PhD holder from Shanghai International Studies University, and a Lecturer at the Ng Teng Fong · Sino Group Belt and Road Research Institute配资知识, Hong Kong Chu Hai College. This article originally appeared in the July 2026 issue of Bauhinia Magazine .)
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