Commerce Minister markets Thailand film industry in Hong Kong
Phumtham Wechayachai, commerce minister, is currently on a visit to Hong Kong to market Thailand’s film industry and Y Series TV dramas. The visit, which started recently and is scheduled to run until Tuesday, also includes exploring avenues to broaden the Hong Kong market for Thailand’s agricultural products.
The visit is led by Phumtham, who is also the deputy prime minister in charge of economic affairs. The main goal is to bolster trade relations between Thailand and Hong Kong.
Planned bilateral discussions between Phumtham and Algernon Yau, Hong Kong’s secretary for commerce and economic development, are primarily centred on expanding the sale of Thai goods and services in the region, notably for small and medium-sized enterprises (SMEs).
As Wittayakorn Maneenetr, the ministry spokesman, stated, the delegation is also participating in the Hong Kong International Film and TV Market (FILMART 2024). The objective is to boost cooperation in marketing Thailand’s Y TV series globally.
In line with this promotional drive, Phumtham is expected to oversee the signing of a memorandum of understanding between the International Trade Promotion Department and the Hong Kong Trade Development Council.
This agreement supports trade in three primary areas: trade information exchange, SME trade activity support, and collaboration to promote trade through e-commerce systems.
Thai entrepreneurs
The delegation is set to meet with Thai entrepreneurs from 27 companies participating in FILMART at the Thailand Pavilion. These companies include nine film and animation producers and distributors, ten TV programme and series producers, and eight companies providing film and TV-related services.
The delegation anticipates at least 200 scheduled appointments and trade worth a minimum of 800 million baht.
Additionally, the ministry team plans to hold discussions with the Hong Kong Rice Merchants’ Association and visit China Merchants Godown, Wharf & Transportation Co. to discuss the regional rice trade. Last year, Hong Kong imported 257,200 tonnes of rice, with Thailand being the largest supplier, contributing 148,500 tonnes (57.7%).
This makes Hong Kong Thailand’s third-largest export market for Thai hom mali fragrant rice, after the US and China, reported Bangkok Post.
Hong Kong is Thailand’s 13th-largest trading partner and seventh-largest export market. Trade between Thailand and Hong Kong in 2023 amounted to US$13.7 billion (473 billion baht), a rise of 6.94% from the previous year. Thai exports were valued at US$11.1 billion (382 billion baht), marking a 10% increase. However, imports saw a decrease of 5.04% and were valued at US$2.61 billion (91 billion baht).
This resulted in Thailand posting a trade surplus of US$8.48 billion (291 billion baht) with Hong Kong. Major exports included gems and jewellery, electronic circuits, computers and parts, and internal combustion engines.
