Thai Hong Kong Trade Association signs MoU with Industries Federation
The Federation of Hong Kong Industries (FHKI) and the Thai Hong Kong Trade Association (THKTA) have joined forces, signing a Memorandum of Understanding (MoU) that promises to revolutionise bilateral trade.
FHKI Chair Steve Chuang made the announcement on January 24, declaring that the Association is strategically eyeing ASEAN and Thailand as prime territories for Hong Kong manufacturers looking to navigate away from the risks tied to China and diversify their supply chains.
“The ASEAN countries provide a unique and great opportunity for Hong Kong manufacturers. With this emerging consumer market, favourable trading climate and a strategic location in global trade routes, these ASEAN nations become crucial partners for diversifying and expanding their business.”
This game-changing MoU marks a leap towards establishing a robust collaborative framework. The primary objective is to bolster industrial development in both Thailand and Hong Kong. The agreement encompasses a wide spectrum of areas, including the economy, business, trade, and human resource management.
Highlighting the significance of Thailand in this strategic alliance, Chuang pointed out its special status as a close trading partner with Hong Kong. He shed light on the country’s labour force, boasting nearly 40 million skilled workers, making it an enticing hub for industries requiring a vast and proficient labour supply. With an expanding middle class, Thailand is poised as a lucrative market for Hong Kong’s export sectors, reported Bangkok Post.
“With the signing of the MoU, we are filled with excitement and optimism. We believe it will elevate trade and business connectivity while fostering greater economic development for both regions.”
In related news, Prime Minister Srettha Thavisin is set to sign a free trade agreement (FTA) with Sri Lanka during his upcoming visit to the island nation this week, according to spokesperson Chai Watcharonke. This marks the 15th FTA for Thailand and the first since PM Srettha assumed office the previous year.
