Thailand Targets Hong Kong as Southeast Asia Hub for Trade and Soft Power Boost

(CTN News) – Commerce Minister Phumtham Wechayachai is in Hong Kong this week, trying to promote Thailand’s film sector and Y Series television series.

During his visit, the minister plans to look at prospects for growing the agricultural product market in Hong Kong.

According to a ministry spokesperson, Wittayakorn Maneenetr, Mr Phumtham is leading a ministry team on a visit that started on Sunday and will last until Tuesday.

The primary goal is to strengthen trade links between Thailand and Hong Kong.

Mr Phumtham, the deputy prime minister in charge of economic matters, will hold bilateral conversations with Algernon Yau, Hong Kong’s secretary for business and economic development.

The talks will focus on developing ways to sell more Thai goods and services in the area, particularly for small and medium-sized firms (SMEs).

The delegation also attends the Hong Kong International Film and TV Market (FILMART 2024), hoping to strengthen cooperation in promoting Thailand’s Y TV series worldwide.

As part of the promotion efforts, Mr Phumtham will witness the signing of a memorandum of understanding between the International Trade Promotion Department and the Hong Kong Trade Development Council to support trade in three areas: trade information exchange, support for SMEs’ trade activities, and collaboration in promoting trade through e-commerce systems.

The group will interact with Thai entrepreneurs from 27 FILMART member companies at the Thailand Pavilion.

These firms include nine film and animation producers and distributors, ten television programmes and series makers, and eight organisations that provide film and television services.

The delegation anticipates at least 200 booked appointments and transactions worth 800 million baht.

The ministry team will also meet with the Hong Kong Rice Merchants’ Association and visit China Merchants Godown, Wharf, and Transportation Co to examine regional rice commerce.

Last year, Hong Kong imported 257,200 tonnes of rice, of which 148,500 tonnes (57.7%) came from Thailand, 60,100 tonnes (23.4%) from Vietnam, and 21,200 tonnes (8.2%) from China.

After the United States and China, Hong Kong is Thailand’s third-largest export market for Thai hom mali fragrant rice.

Hong Kong is Thailand’s thirteenth major commercial partner and seventh largest export market.

The value of bilateral commerce between Thailand and Hong Kong in 2023 was US$13.7 billion (473 billion baht), up 6.94% from the previous year.

Thailand’s exports were valued at $11.1 billion (382 billion baht), up 10%, while imports were valued at $2.61 billion (91 billion baht), down 5.04%.

Thailand had a trade surplus of $8.48 billion (291 billion baht) with Hong Kong.

Gems and jewellery, electronic circuits, computers and parts, and internal combustion engines were among the most important exports.