Innovation and technology hubs from the Hong Kong Special Administrative Region and Uzbekistan on Friday signed memorandums of understanding to support the international expansion of tech companies and promote innovation exchange.
These pacts were among the outcomes of a high-level business delegation of Hong Kong and Chinese mainland entrepreneurs, led by Hong Kong Chief Executive John Lee Ka-chiu, during the group’s visit to Central Asia that began on Sunday.
During their visit to the IT Park Uzbekistan in Tashkent— a national-level special economic zone — Hong Kong Cyberport Management Co Ltd and Hong Kong-Shenzhen Innovation and Technology Park Ltd both signed MoUs with the park to facilitate connections among startups, investors, and partners.
Lee also met with Ayubkhon Sultonov, Uzbekistan’s first deputy minister of digital technologies.
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In a social media post, Lee said that Uzbekistan is making concerted efforts to advance economic transformation and develop its innovation and technology sector. Given Hong Kong’s increasing role as an international innovation and technology center, the two places are highly complementary, he said.
Through the platforms established under the MoUs, Hong Kong can assist Uzbekistan’s I&T companies by serving as a strategic gateway to the Guangdong-Hong Kong-Macao Greater Bay Area and global markets. It can also enable Hong Kong enterprises to tap into Uzbekistan’s young IT talent pool for software development and innovative collaborations, Lee added.
Established in 2019, IT Park Uzbekistan has incubated over a thousand startups, and launched numerous information technology projects, alongside providing training, workshops, and digital education events.
Tursunboy Makhkamov, chief financial officer of the Ipak Yuli Bank of Uzbekistan, said Hong Kong is ideally positioned to serve as a premier hub for attracting overseas finance and driving new investments in Uzbekistan. He also said that Uzbekistan’s rapidly growing economy and market present valuable opportunities for Hong Kong investors.
Makhkamov said he believes that cooperation in the financial sector — including banking, insurance, fintech, and microcredit organizations — holds significant potential for both sides.
Lee also visited the Center for Islamic Civilization in Uzbekistan to learn about local efforts in cultural preservation, academic research and education promotion.
Before visiting Uzbekistan on Thursday, the delegation traveled to Kazakhstan and met with government officials and entrepreneurs.
Before wrapping up their main itinerary on Friday, the delegation has signed 96 MoUs and cooperation agreements with governments and enterprises in the two Central Asian countries, involving $1.65 billion in investments across business, education, and development projects.
Roys Zhang contributed to the story.
Contact the writers at atlasshao@chinadailyhk.com
