THAILAND/HONG KONG – Thailand and Hong Kong have signed a Memorandum of Understanding (MOU) that will help boost Thai exports to the island, particularly for food and beverage, cosmetics and personal care products, and printing and packaging products.
Signed in late February by the Hong Kong Trade Development Council (HKTDC) and Thailand’s Department of International Trade Promotion, Ministry of Commerce (DITP), the MOU seeks to promote economic growth, encourage business development, enhance trade information activities and strengthen the economic partnership between Hong Kong and Thailand.
The agreement aims to boost Thai exports 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.
During the last three years, trade between Hong Kong and Thailand grew 39% to hit US$14.7 billion in 2012. That same year, Thailand was Hong Kong’s ninth largest trade partner, with Hong Kong exports to the Kingdom at US$5.4 billion, while Thai exports to the island at US$9.3 billion.
“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, adding that the HKTDC is an international, multi-faceted marketing platform which Thai companies can leverage.
Srirat Rastanapana, DITP’s Director-General added, “During the global economic slowdown with intense business competition, technology has dramatically changed the way we do business. Complete trade information must be easily accessed, anywhere, anytime. Importantly, having reliable business partners to support one another is very helpful.
“Therefore, DITP seeks to not only provide international trade support but also create partnerships between international firms and Thai sellers, by using Digital Commerce and e-marketing as the main tool.”