Thai business operators urged to cope with HK changing economic environment

BANGKOK, May 10 (TNA) - The Ministry of Commerce suggests that Thai business operators doing business with Hong Kong adjust themselves in accordance with changing economic policies of the business island. Malee Choklumlerd, Director-General of the ministry's Department of International Trade Promotion, voiced the suggestion on May 9, explaining that Hong Kong has already announced its fiscal policies for 2016-2017, most of which are focused on economic stimulation, including tax reduction, the promotion of tourism and film making, financial support for small and medium-sized enterprises (SMEs) and assistance for technological development, innovation and research projects. Malee acknowledged that the implementation of the initiatives should cost Hong Kong 17.3 billion Hong Kong dollars, equivalent to 6 per cent of its total budget. Malee said Thailand's trade with Hong Kong is, thus, changing, including growing e-commerce, as most Hong Kong business persons are turning to order small amounts of products only for targeted groups of customers, pointing out that Thailand-based Mistine cosmetic producer has adapted well to the new circumstance in Hong Kong. Besides, rising costs of commercial areas have prompted business operators in Hong Kong to look for partners in the ASEAN Economic Community (AEC) and they have been moving their production bases from China to AEC. "Hong Kong is good at marketing; so, Thailand, which is capable of processed farm products, should benefit from partnership with Hong Kong", the senior official suggested. The senior official also opined that Thailand and Hong Kong have potential for joint investment in robot, film and fashion businesses. (TNA)