Hong Kong University Vice-President: Armenia should harness global economic opportunities

Armenia is geographically very well positioned and should take advantage of the opportunities offered by the global economy, Vice-President of The University of Hong Kong Heiwai Tang said.

"The Caucasus is a region with a very advantageous geopolitical position, so China is looking for partners along the Silk Road both in the south and in Europe, Associate Vice-President of The University of Hong Kong, Professor Heiwai Tang, said at the Yerevan International Conference “VI Eurasian Research on Modern China and Eurasia”, responding to a question on whether China’s attention to Armenia has increased after the signing of the strategic partnership agreement.

According to the Chinese professor, the Caucasus, Russia, the Mediterranean Basin, and Central Asia are natural partners for China. "Moreover, these regions have natural resources that China lacks, while China, in turn, has advanced technologies and manufacturing. He noted that China is ready to do more than sell goods; it is also prepared to import technologies and human capital.

“Given its small size and population, Armenia needs to choose the right areas for economic cooperation. As for artificial intelligence, it is a good choice. However, uninterrupted supply chains and a developed ecosystem are needed. We need to take into account strengths such as human capital and natural resources; therefore, artificial intelligence becomes an obvious choice.”

“All countries where mining has traditionally been a leading economic sector should consider diversifying from traditional to green energy. For Armenia, this can also be a key component of economic development,” Tang added.

According to him, the global economy today offers many opportunities that countries should seize. He praised Armenia’s geopolitical position: to the south is the Middle East, which has also benefited from geopolitical changes, and to the north is Russia, which has redirected its exports. Armenia can also benefit, taking into account the advantages of its talented personnel, especially in the fields of information technology and artificial intelligence, he said.

In his view, Hong Kong remains one of the world’s largest financial centers, so China will maintain all the institutional advantages Hong Kong has always enjoyed, including the rapidly developing cryptocurrency and Web3/blockchain industries.

“However, the Chinese government and the Central Bank monitor all possible risks associated with the use of cryptocurrencies and other fintech tools, so the authorities adopt regulations to ensure that all such activities in Hong Kong are safe. At the same time, Hong Kong remains a center for the international distribution of the Chinese yuan.”

“It is a convenient place, especially for those who want to work with China. Hong Kong remains the gateway to China in this regard and wants to waste no time in becoming a new bridge between China and the ‘new world’ emerging in changing conditions,” the professor noted.