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MoUs inked between Thailand and Hong Kong

Nov 29. 2019
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Deputy Prime Minister Somkid Jatusripitak and Carrie Lam Cheng Yuet-ngor, chief executive of Hong Kong co-chaired the 1st Thailand-Hong Kong Special Administrative Region Summit on Friday (November 29) at Santi Maitree Building, according to a press statement released by the Government.

The summit was also attended by Finance Minister Uttama Savanayana, Higher Education, Science, Research and Innovation Minister Suwit Mesinsee, and Industry Minister Suriya Juangroongruangkit with discussions focusing on bilateral cooperation between two governments and the private sector in the following areas.

1. 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.

2. 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.

3. 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.

4. Innovative economy: It was noted that Thais and Hong-Kongers 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.

5. Digital and technological start-up: Both parties realise 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.

Lam and Somkid also signed five memoranda of understanding on strengthening economic relations between Thai and Hong Kong agencies, namely, the Creative Economy Agency and Hong Kong Design Centre; the Creative Economy Agency and Hong Kong Trade Development Council; the Federation of Thai Industries and the Federation of Hong Kong Industries; the Board of Investment and the Federation of Hong Kong Industries; and the National Science and Technology Development Agency and Hong Kong Science and Technology Parks.

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