Hong Kong-ASEAN collaboration goes into top gear

Hong Kong and the Association of Southeast Asian Nations (ASEAN) have ramped up their collaboration efforts in various sectors, signaling a significant boost in regional cooperation. This increased engagement comes as Hong Kong seeks to diversify its economy and strengthen its ties with Southeast Asian nations.

One of the key areas of collaboration is in trade and investment. Hong Kong has been actively promoting itself as a gateway for ASEAN countries to access the Chinese market, while also positioning itself as a hub for ASEAN companies looking to expand into China. To facilitate this, both sides have been working on reducing trade barriers and enhancing connectivity through initiatives such as the ASEAN-Hong Kong Free Trade Agreement.

In addition to trade, Hong Kong and ASEAN have been collaborating in the financial sector. Hong Kong, being a global financial center, has been sharing its expertise with ASEAN countries to develop their financial markets and improve their regulatory frameworks. This collaboration aims to strengthen financial integration within the region and enhance the flow of capital between Hong Kong and ASEAN.

Another area of focus is innovation and technology. Hong Kong has been actively promoting itself as a hub for innovation and has been working with ASEAN countries to foster collaboration in areas such as fintech, smart city development, and startups. This collaboration aims to leverage each other's strengths and drive economic growth through innovation and technology.

Furthermore, Hong Kong and ASEAN have been collaborating in the tourism and cultural sectors. Both sides have been promoting tourism exchanges and cultural events to enhance people-to-people connectivity and foster mutual understanding. This collaboration aims to boost tourism flows between Hong Kong and ASEAN countries and promote cultural exchanges.

Overall, the collaboration between Hong Kong and ASEAN has entered into top gear, with increased engagement in trade and investment, finance, innovation and technology, and tourism and culture. This enhanced regional cooperation is expected to yield mutual benefits and strengthen the economic ties between Hong Kong and ASEAN countries.More than 30 senior executives from major chambers, institutions, enterprises and conglomerates in Hong Kong participated in the delegation to expand networks, discuss cooperation opportunities and strengthen business links to attract investment and talent

More than 30 memorandums of understanding were signed by representatives and representatives of the three ASEAN markets, marking closer cooperation based on a shared vision of Asia's prosperity and development.

Members of the delegation signed 15 memorandums of understanding in Singapore, 11 memorandums of understanding in Indonesia and <> memorandums of understanding in Malaysia. MoU signed in Malaysia include a Memorandum of Understanding between the HKTDC and MATRADE, the country's trade promotion agency, and a Memorandum of Understanding between the HKTDC and the Malaysian National Chamber of Commerce and Industry.

Speaking over lunch with the Malaysian business community in Kuala Lumpur on the last day of his visit, Lee Hsien Loong noted that Malaysia's economic performance was the most encouraging, with GDP growth of 8.8% in 2022, the highest growth rate in decades. ASEAN's economic growth this year is expected to be 4.6 percent.

"These numbers illustrate a simple fact – the center of gravity of the world economy is shifting eastward. It is vital for us to make every effort to capitalize on the strong growth trend in our region," Mr Lee said.

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