'Lots of cooperation opportunities' after C Asia trip

Secretary for Commerce and Economic Development Algernon Yau described the recent visit to Central Asia by a delegation led by the SAR chief executive as a great success, saying it has led to significant collaboration opportunities with the two countries.

During the visit to Uzbekistan and Kazakhstan, the 70-strong delegation reached 96 cooperation agreements and memoranda of understanding (MoUs) involving more than US$1.65 billion in total.

Speaking on an RTHK radio programme on Monday, Yau, who was in the delegation, said the two countries are actively seeking economic diversification.

"They are very proactive and hope to explore opportunities for collaboration with the SAR government, particularly in finance, trade, infrastructure, innovation and technology, green development and tourism," he said.

"They are developing very well in many aspects. There are plenty of cooperation opportunities with us."

Yau said the volume of SAR trade with Central Asia is currently not very large as the city's focus used to be more on Europe, the United States and Asean.

But its trade with Central Asia is on the rise, he said, noting that total merchandise trade stood at HK$2.53 billion last year – a rise of 27 percent compared with 2020.

Yau said the two countries and Hong Kong have launched discussions on a comprehensive avoidance of double taxation agreement and agreed to push ahead with discussions on an investment promotion and protection agreement.

The move will step up investors' confidence and further strengthen trade ties between Hong Kong and the two countries, he said.

With the city poised to initiate direct flights to Almaty in Kazakhstan next year, Yau said he believes they would make business travel much more convenient.

Wingco Lo, president of the Chinese Manufacturers' Association of Hong Kong, who was also part of the delegation, said markets in Central Asia were not just interested in traditional trading opportunities in Hong Kong.

They placed more emphasis on the SAR's role as an international financial centre and a platform of professional services.

The association signed two MoUs during the visit, Lo added, and would arrange a trip to Central Asia again this year to allow members to find out which sectors and industries they need to gain a deeper understanding of and discuss collaboration details.

Edited by Tony Sabine ...