The high-level business delegation led by Hong Kong Special Administrative Region Chief Executive John Lee Ka-chiu is set to sign 43 memorandums of understanding and cooperation agreements with Kazakhstan, including an agreement for direct flights to the country’s largest city, Almaty, to be launched by a Hong Kong airline in the first quarter of next year.

Speaking to the media on Tuesday in Astana, the capital city of Kazakhstan, Lee said both the HKSAR and Kazakhstan had made significant progress during the first two days. He said the 43 MoUs will cover a wide range of sectors, including economy and trade, investment, financial services, technology, education, aviation, and green finance.

Hong Kong already has mutual visa-free agreements with three Central Asian countries — Kazakhstan, Uzbekistan, and Kyrgyzstan — with the visa-free periods ranging from 10 to 30 days. Lee intends to extend the visa-free stay for all three countries to 30 days. Once these extensions are finalized, efforts will also be made to target the remaining two Central Asian nations with the aim of facilitating more convenient travel and exchanges, Lee added.

Lee said both sides will enhance cooperation in artificial intelligence and digital infrastructure, and that Kazakhstan will hold roadshows in the SAR to attract investors. The Hong Kong Exchanges and Clearing Ltd will assist Astana International Financial Centre (AIFC), a leading financial center in Central Asia and Eastern Europe, in exploring the development of cross-border listings and the green finance ecosystem.

A Hong Kong capital company and Samruk-Kazyna — Kazakhstan's sovereign wealth fund and national holding company — will jointly invest $100 million to establish a regional blood purification product manufacturing center in Kazakhstan, Lee said.

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At the government level, Kazakhstan agreed to accelerate consultations with Hong Kong on concluding a Comprehensive Agreement for the Avoidance of Double Taxation, and will commence formal negotiations on a bilateral Investment Promotion and Protection Agreement as soon as possible, thereby laying a solid foundation for long-term bilateral development.

Lee also led the delegation on visits to several key institutions, including the Astana Hub — the largest international technology park in Central Asia — and its flagship project, the Kazakhstan international center for artificial intelligence, where delegation members learned about the center’s development strategy.

The delegation also visited the AIFC. The center has adopted Hong Kong's financial system as a reference, and is operated under common law and houses Central Asia's first independent common law court and international arbitration center.

The Kazakh government explicitly stated that it will strengthen cooperation with Hong Kong in the future across multiple sectors, including finance, trade, innovation and technology, aviation, and infrastructure, Lee said.

Li Xiaojun, chairman of Guangzhou Pharmaceutical Holdings, said that the company hopes the delegation will serve as a bridge to establishing relationships with the Central Asian market, so that the various parties can jointly drive the economic development of both regions by leveraging cutting-edge technologies and biomedicine.

The HKEX signed two MoUs on Tuesday with Astana International Exchange, the international stock exchange operating within the AIFC in Kazakhstan, and with the AIFC Authority, the body responsible for the strategic development of the AIFC, to strengthen collaboration and enhance capital markets connectivity between Hong Kong and Central Asia.

The delegation comprises 40 Hong Kong business and professional leaders and 30 representatives of Chinese mainland enterprises.

The weeklong visit, which began on Sunday, aims to deepen trade and business ties with Kazakhstan and Uzbekistan. It also marks Lee’s first official visit to Central Asia.

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Lee will lead the delegation to visit the National Museum of the Republic of Kazakhstan and Nazarbayev University on Wednesday before heading to Uzbekistan to continue the visit.  Two universities from Hong Kong will sign MoUs with Nazarbayev University to expand exchanges with higher education institutions.

Contact the writer at atlasshao@chinadailyhk.com