Hong Kong and Thailand renewed their 2018 MOU at HKTDC’s CENTRESTAGE last Saturday to foster economic partnership and innovation.
At the Hong Kong Trade Development Council (HKTDC)’s annual premier fashion event, CENTRESTAGE, HKTDC representatives along with the Thai Ministry of Commerce’s Department of International Trade Promotion (DITP) met to renew their 2018 Memorandum of Understanding (MOU).
CENTRESTAGE 2021 featured a Thai Pavilion, organised by the DITP, which spotlighted 17 Thai brands from QUARTED, a Thailand-based fashion startup incubator. The debut of CENTRESTAGE’s Thai Pavilion demonstrates the strong economic relationship between Hong Kong and Thailand.
With global trade slowed by the ongoing pandemic, the Delta Covid-19 variant prolonging this delay in progress, governments are collaborating to strengthen economic ties. This MOU will promote trade between the two nations as well facilitate cross-business innovation. This MOU encourages the sharing of trade-related information, and strengthen Thailand and Hong Kong’s economic partnership.
HKTDC Deputy Executive Director Benjamin Chau said: “The HKTDC and DITP are pleased to cooperate in organising exchange, training and marketing activities such as trade fairs, seminars and forums to facilitate communication and cooperation between the business communities of Hong Kong and Thailand. Under the renewed MOU, small-and-medium enterprises (SMEs) and startups in selected target industries of Hong Kong and Thailand will be encouraged to participate or feature in online platforms (thaitrade.com and hktdc.com), mobile applications and trade fairs of the DITP and HKTDC to promote their products and services to international markets.”
Hong Kong and Thailand are targeting trade in multiple industries, including decorative arts and crafts, houseware, furniture, toys, gems and jewellery, garment and fashion accessories, food and beverage, pet supplies, cosmetics and personal care, gifts and premium, stationery, spa products, medical devices and supplies, electronics and information communications technology, printing and packaging, as well as natural and organic products. In terms of service industries, they are hoping to collaborate in healthcare, finance, infrastructure and real estate services, design and marketing, and film and animation fields.
“To promote Thailand’s exports during the pandemic, Mr Jurin Laksanawisit, Thailand’s Deputy Prime Minister and Minister of Ministry of Commerce, has progressive policies to enhance Thailand market access to the world. We are very happy to strengthen our cooperation with the HKTDC. We also look forward to our businesses taking part in a wider scope of HKTDC activities”, said Chanunpat Pisanapipong, the Trade Commissioner and Consul of Thailand’s DITP.
As Hong Kong’s 10th-largest trading partner, bilateral trade with Thailand totalled at US$17.3 billion in 2020. Thailand exported US$11.1 billion worth of products to Hong Kong last year, and imported US $6.3 billion worth from the city. With the renewal of their MOU, as well as improved international trade conditions, further economic growth can be expected between Hong Kong and Thailand.