Chief executive Carrie Lam announced on Thursday Hong Kong would open an economic and trade office in Bangkok to promote trade and collaboration, especially in the tech sector and the Eastern Economic Corridor (EEC).
The Bangkok office will be the 13th economic and trade office for Hong Kong globally.
"This office will work to expand economic and trade ties between us," Ms Lam said. "It will also help boost a flourishing business between Hong Kong and Asean, creating opportunities for all concerned. The new office is a timely and visible symbol of our commitment to work and excel together."
Along with the new office, Hong Kong's state-owned startup hub, Cyberport, signed a memorandum of understanding (MoU) with Innospace Thailand, the public-private joint venture that also supports startups.
Further MoUs were signed between Innospace and the Hong Kong Trade Development Council, as well as Innospace and Ho & Partners Architects Engineers & Development Consultants.
The agreements are a first step in increasing multi-directional investment in Hong Kong and Thai technology startups.
"These investment systems collaborate to promote growth of high-potential startups through investment and venture capital injection," Ms Lam said. "We are ready to go hand-in-hand with Thailand to spur innovation and nurture startups to turn ideas into results."
Hong Kong is spending US$10 billion on innovation and technology initiatives, as well as an extra $700 million in Cyberport.
"As for the EEC, I'm sure our Thai business friends are familiar with this investment and will welcome collaboration with Hong Kong entrepreneurs," Ms Lam said.
In turn, Hong Kong hopes Thailand will increase investment and collaboration in China's Belt and Road Initiative and in the Greater Bay Area (GBA) project.
According to Peter Yan, chief executive of Cyberport Management Co, one of the main goals of the MoUs is to have more Thai companies come to Hong Kong as a springboard to the GBA (which includes Hong Kong, Macau and surrounding areas), as well as more Hong Kong companies using Thailand as a springboard into Asean.
"In terms of investment, Thailand has more investment than the other way around," Mr Yan said. "This is a clear message that we need to catch up, and there will be more opportunities for companies to come to Thailand for investment or further development."
Willy Lin, chairman of the Hong Kong Productivity Council, said Hong Kong investors will be able to draw on government funds to invest in Thailand and other Asean countries as a result of the Asean-Hong Kong FTA. The fund will match investment by Hong Kong companies of up to 8 million baht.
"That should bring investment to essential areas in Thailand," Mr Lin said. "This includes a lot more capital investments, new idea projects and infrastructure investments. We see Thailand as a long-term partner."
Despite political risks from the election, Nicholas Ho, deputy managing director of Ho & Partners, said those risks can turn into opportunities because Thailand for the past two years has been No.1 in Asean for foreign investor friendliness.