The Kyrgyz Republic, as one of the earliest countries to support and engage in the Belt and Road Initiative, has seen increasingly close economic and trade relations with China. Recently, TF International signed a memorandum of understanding with the Kyrgyz Republic Ministry of Finance, becoming the first Hong Kong-based Chinese securities firm to establish an official partnership with the Kyrgyz Republic Ministry of Finance. The two parties work together to promote the RMB internationalization, support the real economy, facilitate high-quality development, and reinforce Hong Kong’s position as an international financial center.
The event featured distinguished guests, including Mr. Amanbaev Umutzhan Mominovich, Deputy Minister of Finance of Kyrgyz Republic, Mr. Abdybapov Abdanbek Abdybapovich, Head of the Government Borrowing Department of Kyrgyz Republic, Mr. CHAN Ho Lim, Joseph, JP, Under Secretary for Financial Services and the Treasury of Hong Kong S.A.R., and Mr. ZOU Chuan, CEO of TF International, as well as Mr. Andy Siow, Senior Coverage Banker, DCM, at China CITIC Bank International. They shared insights into Kyrgyzstan’s development opportunities and investment prospects in the international financial market, discussing investment opportunities and key focus areas for mutually beneficial cooperation.
In his opening speech, Mr. CHAN Ho Lim, Under Secretary for Financial Services and the Treasury of Hong Kong, remarked, "Hong Kong has firmly established itself as Asia’s leading international financial centre. Our core strengths include free flow of capital and information, a robust common law system, and a simple and low tax regime, and Hong Kong enjoys preferential access to Mainland China. All these position Hong Kong as the super-connector between China and international markets, which plays a key role in promoting RMB internationalization and advancing the Belt and Road Initiative. The Kyrgyz Republic is an important partner under the Belt and Road Initiative and is certainly Hong Kong’s important trading partner in Central Asia.” He also stated that, “I would like to express my gratitude to the Kyrgyz Republic Ministry of Finance and TF International and appreciate your commitment to fostering stronger ties between Central Asia and Hong Kong. We look forward to exploring potential future collaborations with the Kyrgyz Republic that will benefit our respective markets and promote partnerships among Belt and Road nations.”
As of September 1, 2024, Renminbi (RMB) has been included in the list of official daily exchange rates published by Kyrgyzstan, alongside the US dollar, euro, Russian ruble, and Kazakh tenge. This move further strengthens economic and financial cooperation between the two countries. Mr. Amanbaev Umutzhan Mominovich, Deputy Minister of Finance of the Kyrgyz Republic, stated, "The inclusion of the RMB in the list of official daily exchange rates in Kyrgyzstan marks a new stage in the economic cooperation between the two countries. This not only provides greater convenience for international investors but also empowers the development of Kyrgyzstan's financial market. Through this promotional event, we hope to connect with more international investment institutions and jointly promote the sustainable development of the regional economy."
Hong Kong, as the international financial center and the central city of the Guangdong-Hong Kong-Macao Greater Bay Area, plays an important bridging role in the Belt and Road Initiative, leveraging its diverse financing channels and close alignment with national strategies. Mr. ZOU Chuan, CEO of TF International, stated, "The Belt and Road Initiative offers significant opportunities for economic integration and development, enhancing trade across Asia, Europe, the Middle East, and beyond. As a gateway between China and the world, Hong Kong is a key hub for the internationalization of the Renminbi, facilitating its use in trade and investment, and supporting effective currency risk management for BRI projects. With ongoing economic expansion and the internationalization of the Renminbi, Hong Kong is well-positioned to emerge as the premier financing hub. As we explore upcoming opportunities, I encourage you to envision the transformative impact these initiatives can have on the Kyrgyz Republic’s development agenda and the broader economic landscape of Central Asia. Together, we can unlock new avenues for growth and collaboration."
From December 3 to 6, 2024, TF International, in collaboration with China CITIC Bank International will join forces with the Kyrgyz Republic Ministry of Finance in hosting a series of non-deal roadshows in Shanghai and Beijing, further strengthening ties with the Chinese financial market. The success of today’s promotional seminar and non-deal roadshow in Hong Kong marks a new milestone in the economic cooperation between the two countries and injects fresh momentum into the high-quality development of the Belt and Road Initiative.
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