Why Hong Kong matters to Kazakhstan’s financial ambitions
As part of its decades-old “multi-vector” foreign policy, based on balancing relations between major powers such as China, Russia, the United States and the European Union, Kazakhstan – Central Asia’s largest country – is now actively diversifying its economic and financial policies. While in the past, Astana sought to strengthen cooperation with the United Arab Emirates (UAE), the leading international financial hub in the Middle East, today, Hong Kong seems to be becoming a
As Kazakhstan seeks to diversify its financial partnerships and deepen engagement with China, Hong Kong’s offerings stand out
Indeed, despite the conflict in the Gulf region and blockade of the Strait of Hormuz, the Kazakh-UAE relationship continues to grow and Astana seeks to expand ties with UAE financial institutions. At the same time, Kazakhstan aims to develop its relations with other regional financial hubs.
It was, therefore, no surprise that on June 3, Tokayev met Cypriot President Nikos Christodoulides to explore opportunities for closer ties with the island, a leading European financial services hub in sectors such as fintech and maritime logistics.
“I believe that Kazakhstan can serve as a hub for Hong Kong to connect with the Central Asian market. In turn, Hong Kong can be Central Asia’s hub in the East and Southeast Asian region,” Lee said after his talks with Kazakh leaders, including President Tokayev, Prime Minister Olzhas Bektenov and Deputy Prime Minister and Minister of National Economy Serik Zhumangarin.
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