Thailand is seeking a partnership with Hong Kong to collaborate in the development of a financial hub that will serve as a gateway to Asean markets.
Speaking after a bilateral meeting with Paul Chan, the financial secretary of Hong Kong, during the Asia-Pacific Economic Cooperation (Apec) Finance Ministers' Meeting in Lima, Peru, Deputy Finance Minister Paopoom Rojanasakul said that since Thailand is positioning itself as a key player in global finance, he extended an invitation to Hong Kong's business community to collaborate in developing Thailand's financial hub, a key policy initiative of the current government.
"Thailand stands out as a gateway to Asean markets, particularly rapidly growing economies such as Cambodia, Laos, Myanmar and Vietnam [CLMV]. The financial cooperation between Thailand and Hong Kong promises mutual benefits, as Asean, Hong Kong and China are increasingly interconnected through trade and investment," he said.
According to Mr Paopoom, in a move to advance the country's goal of becoming a financial centre, the Finance Ministry is committed to reforming financial regulations to make them more flexible, transparent and conducive to business operations as well as providing new incentives, including both tax and non-tax benefits.
The ministry has also vowed to develop a modern financial ecosystem and infrastructure to support business and financial innovation.
Mr Paopoom said both parties also praised the success of cross-border payment system cooperation, particularly the integration of Thailand's PromptPay with Hong Kong's Faster Payment System. This collaboration has set a new standard for convenient and rapid payments between the two economies, benefiting both businesses and the general public, he said.
Following the discussions, he said both ministers expressed confidence in the financial relationship and cooperation between Thailand and Hong Kong. They also exchanged ideas on expanding financial collaboration to foster economic growth and financial innovation, aiming to promote strong and stable economic connectivity and growth in the Asean and Apec regions.
Hong Kong is Thailand's 13th-largest trading partner and seventh-largest export market.
The value of two-way trade between Thailand and Hong Kong in 2023 tallied US$13.7 billion (473 billion baht), up 6.94% year-on-year.
Thai exports were worth $11.1 billion (382 billion baht), a gain of 10%, while imports were worth $2.61 billion (91 billion baht), a decrease of 5.04%.
Thailand posted a trade surplus of $8.48 billion (291 billion baht) with Hong Kong.
Key exports included gems and jewellery, electronic circuits, computers and parts, and internal combustion engines.