28-1-2024 (BANGKOK) The Federation of Hong Kong Industries (FHKI) and the Thai Hong Kong Trade Association (THKTA) have taken a significant step towards enhancing bilateral trade by signing a Memorandum of Understanding (MoU). The agreement aims to establish a robust collaborative framework that will support industrial development in both Thailand and Hong Kong.
Steve Chuang, Chair of FHKI, expressed that Hong Kong manufacturers are increasingly looking towards ASEAN and Thailand as prime destinations to expand their businesses beyond China. This strategic move not only helps mitigate risks but also diversifies supply chains.
Chuang emphasized the unique and promising opportunities that ASEAN countries provide for Hong Kong manufacturers. The emerging consumer market, advantageous trading climate, and strategic location along global trade routes make these ASEAN nations crucial partners for business expansion and diversification.
The signing of the MoU between FHKI and THKTA marks a significant milestone in fostering stronger collaboration. The partnership will focus on various aspects, including economy, business, trade, and human resource management, to support industrial development in Thailand and Hong Kong.
Thailand holds a special status as a close trading partner with Hong Kong. With a substantial labor force of nearly 40 million skilled workers, Thailand presents attractive opportunities for industries that require a large and proficient labor supply. Additionally, the country’s expanding middle class offers a promising market for Hong Kong’s export sectors.
Chuang expressed excitement and optimism following the signing of the MoU. He believes that it will elevate trade and business connectivity, leading to greater economic development for both regions. The strengthened partnership between FHKI and THKTA is expected to facilitate increased trade and foster closer ties between the two economies.
As Hong Kong manufacturers continue to seek avenues for growth and diversification, the collaboration with Thailand demonstrates their commitment to expanding their presence in the ASEAN region.
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