Hong Kong delegation strengthens business cooperation with Laos

Vientiane, August 01, 2024 - (ACN Newswire) – A delegation led by Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), visited Vientiane on 28-30 July to deepen economic and trade relations, enhance cultural exchange and explore collaboration opportunities between Laos and Hong Kong.

Twelve memoranda of understanding (MoUs) were signed in the areas of trade and investment promotion, finance, fintech, transport and logistics and education, paving the way for mutual prosperity between Hong Kong, Laos and the wider ASEAN region.

The delegation, organised by the Hong Kong Trade Development Council (HKTDC), included some 30 leaders of international, Mainland Chinese and Hong Kong enterprises and conglomerates operating in finance and insurance, innovation and technology, professional services, infrastructure, transport and logistics, energy and hospitality.

The delegates visited Vientiane Saysettha Development Zone and Vientiane Railway Station to understand the business and investment opportunities in Laos, its potential for Hong Kong companies and the impact of the Belt and Road Initiative (BRI).

A visit to Vientiane Secondary School fostered greater people-to-people exchange between Laos and Hong Kong.

The delegation also met with executives and key members of local business chambers, such as the Lao National Chamber of Commerce and Industry (LNCCI) and Lao Chinese Chamber of Commerce (LCCC), to introduce Hong Kong’s latest economic developments, business opportunities and unique advantages as superconnector between China and other Belt and Road markets.

Potential partnerships to support the growth of Lao SMEs were explored in areas, such as finance, banking, renewable energy, green finance, agriculture and forestry, leveraging Hong Kong’s expertise and connections to help them build capacity, find partners and explore new markets.

Dr Peter K N Lam, Chairman of the HKTDC, said: "The objective of our mission is to explore opportunities and forge connections that will enable Laos to achieve its economic ambitions, while fostering stronger cooperation with Hong Kong. Leveraging its superconnector role, Hong Kong is well-positioned to provide assistance, nurture talent and strengthen infrastructure across various sectors in Laos. We believe there are immense opportunities for mutual growth. The cooperation we have witnessed during this visit is just the beginning."

12 MoUs were signed by the following members of the delegation, Lao government bodies and Lao companies:

1.Customs and Excise Department of Hong Kong, China and the Customs Department of the Lao People’s Democratic Republic;

2.Invest Hong Kong and Lao National Chamber of Commerce and Industry;

3.Hong Kong Trade Development Council (HKTDC) and the Lao Chinese Chamber of Commerce (LCCC);

4.Hong Kong Trade Development Council (HKTDC) and the Lao National Chamber of Commerce and Industry (LNCCI);

5.Hong Kong Trade Development Council (HKTDC) and the Lao Ministry of Industry and Commerce;

6.CCB International (Holdings) Limited and Phongsavanh Group Co., Ltd;

7.CLP SEA Infrastructure Limited; CGN Energy Technology (Laos) Co., Ltd and Krittaphong Group Co., Ltd;

8.Federation of Hong Kong Industries (FHKI) and the Vientiane Capital Chamber of Commerce and Industry;

9.Goldford Group and Lao National Digital Technology Group Co., Ltd (LADT);

10.Lao National Digital Technology and HashKey Capital;

11.Hong Kong Polytechnic University (PolyU) and Vientiane Secondary School (VSS); and

12.The Hong Kong Shippers’ Council (HKSC) and the Lao National Chamber of Commerce and Industry

With the BRI entering its second decade  and amid greater regional cooperation facilitated by agreements, like the Regional Comprehensive Economic Partnership (RCEP), Hong Kong will continue to build on its role as superconnector, linking the wider China market with ASEAN and the world at large.

The HKSAR Government and HKTDC will host the Belt and Road Summit on 11-12 September in Hong Kong, at which Lao companies can make new connections and find new partners.

The Hong Kong delegation's visit to Laos is part of a broader ASEAN mission taking place from 28 July to 2 August. This mission aims to strengthen ties with Laos, Cambodia and Vietnam, building on the success of previous ASEAN missions to Singapore, Malaysia and Indonesia in 2023 and Thailand in 2022.

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About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.