Hong Kong, Thailand Sign MOU to Promote Mutual Economic Growth
The Hong Kong Trade Development Council (HKTDC) and Thailand’s Department of International Trade Promotion, Ministry of Commerce (DITP) signed a Memorandum of Understanding (MOU) in late February to promote economic growth, encourage business development, enhance trade information activities and strengthen the economic partnership between Hong Kong and Thailand.
“Under the MOU, the HKTDC and DITP have set up a strategic alliance through the exchange of trade information, implementation of trade promotion activities, and organising professional training and exchange programmes,” said Benjamin Chau, HKTDC deputy executive director.
He added, “The HKTDC is an international, multi-faceted marketing platform for Thai companies to leverage on.”
The agreement seeks to boost Thai export of decorative arts and crafts, houseware, furniture, toys, gems and jewellery, garment, food and beverage, pet supplies, cosmetics and personal care products, gifts and premium, spa products, electronics, as well as printing and packaging products.
“We are not surprised to see that, in 2012 alone, more than 430 Thai companies participated in HKTDC fairs, particularly the Hong Kong International Jewellery Show, the Gifts & Premium Fair, the world’s largest, and the Houseware Fair, Asia’s biggest,” said Srirat Rastapana, director-general of DITP. “In 2012, about 6,000 Thai trade buyers visited HKTDC fairs for sourcing and business networking.”
Trade between Hong Kong and Thailand has grown 39 percent during the last three years, totaling US$14.7 billion in 2012.
Thailand was Hong Kong’s ninth-largest trade partner in 2012. Total Hong Kong exports to Thailand were valued at US$5.4 billion. Hong Kong imported US$9.3 billion worth of goods from Thailand last year.
“We also look forward to seeing more Thai importers and distributors using our trading platform to tap business opportunities,” Chau said. “In 2012, HKTDC trade fairs attracted more than 31,000 international exhibitors, who showcased their products and services to some 630,000 trade buyers from around the world.”