Thailand and Hong Kong sign five trade agreements

November 30, 2019

Thailand has signed five MoUs (memoranda of understanding) with Hong Kong, in a commitment to forge “greater economic ties between various creative, technological and development agencies” in both countries.

The Nation reports that the MoUs were signed by Deputy PM Somkid Jatusripitak and Hong Kong CEO Carrie Lam, as they co-chaired the 1st Thailand-Hong Kong Special Administrative Region Summit, held at Government House in Bangkok yesterday.

Also in attendance were Thailand’s Finance Minister Uttama Savanayana, along with the Higher Education, Science, Research and Innovation Minister Suwit Mesinsee, and Industry Minister Suriya Juangroongruangkit.

According to The Nation report, talks were centered on joint cooperation between the two countries in the following areas:

• Trade and investment: Both parties agreed to push the trade value to exceed US$20 billion by 2020 and discussed the possibility of drawing up a Thailand-Hong Kong free trade agreement, as well as adjusting the terms of investment protection for the private sector to suit the current situation.

• Production base migration: Both parties agreed to promote cooperation among private sectors to exchange technologies, facilities and activities that enhance the efficiency of both Thai and Hong Kong entrepreneurs.

• Finance: Both parties will work together to establish a firm connection between each other’s stock and capital markets via innovative investment products, regulatory mapping and green investment.

• Innovative economy: It was noted that both Thai and Hong-Kong citizens have strong creative powers especially in cinema, advertising and design and that these need support from the government as well as adding value to create related products and services.

• Digital and technological start-up: Both parties acknowledge the importance of creating innovative and technological ecosystems and agreed to use Hong Kong Cyberport and Innospace Thailand as starting platforms to promote start-up enterprises through cooperative research and knowledge sharing.

SOURCE: The Nation