Federation of Hong Kong Industry (FHKI) i Thai Hong Kong Trade Association (THKTA) they joined forces, signing a Memorandum of Understanding (MoU) which promises a revolution bilateral trade.
FHKI Chairman Steve Chuang made the announcement on January 24, stating that the Association is strategically eyeing ASEAN and Thailand as prime territories for Hong Kong manufacturers looking to move away from China-related risks and diversify their supply chains.
“ASEAN countries provide a unique and great opportunity for Hong Kong manufacturers. With this emerging consumer market, favorable trade climate and strategic location on global trade routes, these ASEAN countries become key partners to diversify and expand their business.”
This rule-changing memorandum of understanding marks a step towards establishing a robust framework for cooperation. The primary objective is to encourage industrial development in Thailand and Hong Kong. The agreement covers a wide range of areas, including economy, business, trade and human resource management.
Highlighting Thailand’s importance in this strategic alliance, Chuang highlighted its special status as a close trading partner with Hong Kong. He shed light on the country’s workforce, which boasts of nearly 40 million skilled workers, making it an attractive hub for industries that require a large and skilled workforce. With a growing middle class, Thailand is poised to become a lucrative market for Hong Kong’s export sectors, he reported Bangkok Post.
“By signing the Memorandum of Understanding, we are filled with excitement and optimism. We believe this will boost trade and business connectivity while simultaneously fostering greater economic development for both regions.”
In related news, Prime Minister Srettha Thavisin is scheduled 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 is Thailand’s 15th free trade agreement and the first since Prime Minister Srettha took office the previous year.
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