Source: Hong Kong Government special administrative region – 4
Following is the speech by the Chief Executive, Mr John Lee, at the “Partnering for Success – Hong Kong as a ‘Super Connector’ and ‘Super Value-Adder’ for Central Asia” High-level Business Luncheon in Tashkent on June 4:
Your Excellency Mr Umurzakov (Mr Sardor Umurzakov), Advisor to the President of Uzbekistan on Strategic Development, Your Excellency Ambassador Yu Jun of the People’s Republic of China to the Republic of Uzbekistan, distinguished guests, ladies and gentlemen,
As-salamu alaykum (peace be upon you). First of all, I must thank, again, His Excellency Mr Umurzakov for being a guest of honour tonight. He is a very busy and influential man in Uzbekistan, and he makes time for us. Let’s give him a big round of applause.
I am delighted to be here, with you, in Tashkent – Uzbekistan’s storied capital, and the largest city in Central Asia. Here, where modern architecture and a high-tech financial district meet the enduring legacy of the ancient Silk Road.
With me this evening is a high-level delegation of over 70 business and institutional leaders from Hong Kong and the Chinese Mainland. It is the largest and most diverse overseas mission led by this term of the HKSAR Government. The mission delegates come from such diverse sectors as financial and legal services, construction and engineering, transport and logistics, innovation and technology, advanced manufacturing, and more. They’re here, as I am, to see for themselves the boundless promise of your country, your economy and your people.
Earlier today, I had the honour of meeting with His Excellency President Mirziyoyev, and His Excellency Prime Minister Aripov. I expressed to them my sincere gratitude to the hospitality extended to me and my delegation. And we reaffirmed our mutual commitment to closer, wide-ranging co-operation.
Hong Kong and Uzbekistan are important trade and investment gateways to our respective regions – the Asia-Pacific and Central Asia.
Indeed, the World Bank has said that Uzbekistan has – and I quote – “become one of the world’s top reformers”, liberalising its economy and averaging six per cent real GDP growth annually between 2017 and 2025. That’s among the strongest, most sustaining growth of any economy in the world in recent years.
Uzbekistan is Central Asia’s most populated country, home to more than 38 million people. Endowed with abundant natural resources, from hydrocarbons to cotton and gold, Uzbekistan is also a key trade hub and boasts a rapidly expanding information technology sector. Ongoing legal, institutional and structural reforms underline Uzbekistan’s openness to multilateral opportunities.
No less encouraging, the Uzbekistan 2030 Strategy presents a clear roadmap for doubling GDP, attracting investment, expanding green energy and boosting education and healthcare. Uzbekistan is firmly on its way to building a modern and sustainable international economy.
This creates far-reaching, mutual opportunities for our businesses and investors –from Hong Kong, the Chinese Mainland and Uzbekistan.
It helps that we are all believers in the Belt and Road initiative, a modern expression of the ancient Silk Road spirit. President Xi Jinping introduced the Belt and Road Initiative more than a decade ago, inspired by the ancient networks that connected civilisations across continents for trade, as well as exchanges of ideas, culture and the innovation they inspired.
Uzbekistan, in 1992, was the first Central Asian country to establish diplomatic relations with China, our country. That was elevated, two years ago, to an all-weather comprehensive strategic partnership for a new era. Today, China is Uzbekistan’s largest trading partner, and the two countries work closely on major infrastructure and connectivity projects that are revitalising the Silk Road.
The China-Kyrgyzstan-Uzbekistan railway, a Belt and Road project now underway, will become a critical artery for trade and prosperity across the region. Other Belt and Road projects here include clean energy, and industrial parks.
Hong Kong is a pivotal player in the Belt and Road Initiative, thanks to our world-class professional and financial services expertise.
Hong Kong is one of the world’s top three international financial centres, and the largest offshore Renminbi hub. Just last week, we were recognised as the world’s No.1 largest cross-boundary wealth management centre.
We are ranked No.1, globally, in economic freedom as well. And we offer a world of companies, entrepreneurs and investors, those from Uzbekistan very much included, with an open and efficient business environment, a simple and low tax regime, and no capital controls or foreign exchange restrictions.
Global business turns to Hong Kong for wide-ranging, long-term opportunities. We were ranked, last year, as the world’s third-largest destination for global foreign direct investment, and fifth-largest merchandise trade entity.
Last year, our numbers of non-local companies and start-ups both reached record high. They are testament to the business confidence that imbues today’s Hong Kong.
Hong Kong is the only economy in the world to combine unwavering support from our country with longstanding international connectivity. And that’s thanks to the unique “one country, two systems” principle.
Under this framework, Hong Kong maintains its own economic, legal, legislative and judicial systems. We are China’s only common law jurisdiction. We are also the world’s only bilingual common law jurisdiction, where both the Chinese and English languages are used in proceedings. Our judiciary exercises its powers independently.
Thanks to our deep and longstanding experience in legal services and a well-respected judicial system, Hong Kong is rapidly becoming an international legal and dispute resolution services centre. The International Organization for Mediation, or IOMed, the world’s first intergovernmental body dedicated to resolving international disputes through mediation, is headquartered in Hong Kong. I’m pleased to add that the IOMed Convention now has over 40 signatory states, Uzbekistan among them.
And, just last week, we announced plans to establish the Hong Kong International Commercial Court in the coming year. With a mandate of adjudicating complex, high-value international and cross-boundary commercial disputes, the International Commercial Court will include Hong Kong judges specialising in commercial law, and may invite eminent judges and practitioners from other common law jurisdictions to sit on its bench. The Court will help provide a sound solution to business disputes, creating a more conducive environment for businesses to thrive in our city.
These infrastructure and advantages underpin Hong Kong’s position as an international hub for finance, trade and shipping, as well as aviation, legal services and dispute resolution.
With our global connectivity and world-class professional services, Hong Kong serves as an ideal two-way springboard for business expansion. We can help companies from Uzbekistan access the Chinese Mainland, while enabling Chinese Mainland enterprises to expand globally, including into Uzbekistan. It’s why the world knows Hong Kong as the “super connector” and “super value-adder”. We are adding value to whatever we pursue for you.
How, then, can businesses and investors from Hong Kong and Uzbekistan deepen our co-operation? Let me count the ways.
First, in capital markets and privatisation. Uzbekistan’s ambitious privatisation programme, including listing state-owned enterprises such as airports and key infrastructure, aligns closely with Hong Kong’s strengths as one of the world’s major hubs for initial public offerings.
Last year, we topped the world in both IPO volume and funds raised. Our markets can help enterprises from Uzbekistan scale, access international capital and drive high-quality development.
Then there’s green and sustainable development. Hong Kong has ranked first in green and sustainable bond issuance in Asia for eight consecutive years, capturing about 40 per cent of the regional total last year. We can help Uzbekistan achieve its renewable energy targets.
Through our financing, professional services and technological support, we can help realise Uzbekistan’s, and Central Asia’s, carbon neutrality commitments.
Digitalisation and innovation are priorities for both our economies. Hong Kong is emerging and advancing rapidly as an international I&T centre. The cluster formed by Hong Kong and our neighbouring cities of Shenzhen and Guangzhou, ranks first among the world’s top 100 innovation clusters. That demonstrates our ability to convert ideas into tangible outcomes, drawing together the strengths of both Hong Kong and the Chinese Mainland. We can share our expertise in smart city solutions, fintech and digital infrastructure, supporting Uzbekistan’s ambition to become a regional innovation hub.
We welcome technology firms from Uzbekistan to use Hong Kong as a launching pad into Asian and global markets, supported by our capital markets and infrastructure capabilities.
Hong Kong, the only city with five universities in the world’s top 100, has what it takes to support your human capital development. The HKSAR Government offers scholarships specifically for students from Belt and Road countries, including Uzbekistan, to study at our post-secondary institutions. Today’s youth will serve as a bridge between our economies and our societies.
Turning to Hong Kong’s high-quality services, we meet international standards across project design, planning, engineering, construction and operations.
From infrastructure to hospitality, we can finance and partner with Uzbekistan to develop new townships and smart cities, hotels, shopping centres, green buildings, factories and more.
Our major infrastructure project, the Northern Metropolis, is destined to become a new economic engine for Hong Kong. It’s now being fast-tracked to provide land for a world-class I&T hub, for a planned urban centre, a university town and a strategic connection point to the Greater Bay Area.
The Greater Bay Area is the cluster city development integrating Hong Kong, Macao and nine major cities in southern China, Shenzhen and Guangzhou included. Its population of over 88 million is similar to Central Asia’s 85 million, and its GDP of over 2 trillion US Dollars is close to that of the world’s 10th largest economy.
I know that many of our delegates, from Hong Kong and from the Chinese Mainland, are eager to talk to you about I&T co-operation and investment.
And I invite Uzbekistan’s enterprises to establish an office in Hong Kong and explore investment and business opportunities – in the Northern Metropolis, the Greater Bay Area and beyond.
Gold is a natural prospect for resourceful co-operation between us. Uzbekistan, after all, is home to one of the world’s largest reserves of gold. And I understand that the country is looking for opportunities to diversify gold storage and investments, given today’s geopolitical uncertainties.
Hong Kong is committed to becoming a gold trading centre aligned with the international market. Christopher Hui, my Secretary for Financial Services and the Treasury, discussed this with your Central Bank during his visit to Uzbekistan last month.
In January, the HKSAR Government signed a co-operation agreement with the Shanghai Gold Exchange, setting in motion a gold ecosystem with broader mutual market access and business convenience, with Hong Kong offering clearing services of international standards for gold transactions.
We are also expanding our gold storage facilities, which are expected to exceed 2 000 tonnes within the next three years.
In short, ladies and gentlemen, a partnership built on gold – on bringing together our professional and financial services and your rich mineral resources –will be the golden opportunity to expand trade between us and, in doing so, extend the historical legacy of the Silk Road.
We are, of course, coming together –deepening our co-operation – in a variety of ways. Ladies and gentlemen, I’m pleased to announce that our visit this time is bringing about wide variety of agreements and co-operation initiatives with Uzbekistan.
I am glad to add that Uzbekistan is planning to open a Consulate-General in Hong Kong. Thank you. Uzbekistan and Hong Kong will expedite actions on discussions on a Comprehensive Avoidance of Double Taxation Agreement, as well as discussions on an Investment Promotion and Protection Agreement. I’m confident our dialogue will lay the foundation for stronger economic and trade ties.
More to come. The Education Bureau of Hong Kong and Uzbekistan’s Ministry of Higher Education, Science and Innovation have entered into an MoU to advance educational collaboration.
Our Belt and Road Office will sign MoUs with Uzbekistan’s Development and Reconstruction Fund and Ministry of Investment, Industry and Trade to drive collaboration on different projects.
I’m pleased to note that IT Park Uzbekistan and the Hong Kong Science and Technology Parks Corporation, Cyberport and the Hong Kong‑Shenzhen Innovation and Technology Park Limited are working toward co-operation. They are our flagship technology and innovation incubators. And I’m confident this will accelerate I&T co-operation, and the opportunities they create, between our two economies.
On legal services, another one of our key strengths, the Law Society of Hong Kong will enter into an MOU with the Chamber of Advocates of the Republic of Uzbekistan, strengthening collaboration of our legal professionals.
Arts and culture is no less central to our flourishing future. Tashkent is fast-rising as a cultural destination, and Hong Kong’s West Kowloon Cultural District is one of the world’s largest cultural developments. It includes the Hong Kong Palace Museum, which will partner with the State Museum of History of Uzbekistan, to co-organise exhibitions to be presented at both venues in in future.
And let me say that I’m pleased that Hong Kong and Uzbekistan exchanged notes yesterday, agreeing to discuss the implementation details of a mutual visa-free arrangement for our people. I look forward to its early implementation, which will surely encourage closer bilateral economic and cultural ties between us. Moreover, we are glad to have initialed the Air Services Agreement with Uzbekistan, and look forward to launching direct passenger flights between two places soon.
Putting all these together, 35 MOUs and co-operation will be concluded between us in Uzbekistan. These span aviation, finance and trade, as well as innovation and technology, green development, the digital economy, education, culture and more. And this, ladies and gentlemen, is only the beginning.
There is an old Chinese saying, 志合者，不以山海為遠, which means, in English, “Nothing, not even mountains and seas, can separate people with shared goals and ideals”.
Uzbekistan and Hong Kong may be separated by thousands of kilometres, yet we are united by a common vision – of free, open and sustainable economies, of a future rooted in partnership, in the enduring spirit of the ancient Silk Road.
Hong Kong, with its longstanding commitment to free trade, its world-class professional services, and its role as our country’s most international city, looks forward to helping Uzbekistan realise your unfolding new chapter of prosperity, innovation and global integration.
Ladies and gentlemen, it’s a bit long, but it does show how fruitful this visit to Uzbekistan is. We can see that the many people gathered here have already started to talk very closely to each other – and never want to stop. This is time not just for networking, but also to relax and build friendships. Do exchange your WeChat – remember, we are friends forever. And this friendship will create high-quality development and long-term relations between our people.
Ladies and gentlemen, enjoy this evening’s special gathering, and the old and new friends around you. I look forward to welcoming you to Hong Kong soon. Thank you.