Hong Kong and ASEAN Forge New Paths for Business Collaboration

Hong Kong's Chief Executive, John Lee, recently met with Laos Prime Minister Sonexay Siphandone, highlighting the growing economic relationship between the two regions. ASEAN has emerged as Hong Kong's second-largest trading partner, with bilateral trade in goods reaching approximately US$144.6 billion last year, representing nearly 13% of Hong Kong's external merchandise trade. During the visit, 12 memoranda of understanding (MoUs) were signed, focusing on customs collaboration, investment promotion, and various sectors including financial services and education. The exchange of MoUs was witnessed by Mr. Lee and Laos Deputy Prime Minister Saleumxay Kommasith, emphasizing the commitment to enhancing trade and economic partnerships. The agreements aim to foster cooperation between organizations and enterprises in both regions, paving the way for increased investment and collaboration in multiple fields. In addition to trade discussions, Mr. Lee visited Vientiane Secondary School (VSS), which recently signed an MoU with the Hong Kong Polytechnic University (PolyU). This partnership includes scholarship opportunities covering full tuition and living expenses for students excelling in both academic and non-academic areas. Professor Ben Young from PolyU expressed the institution's commitment to supporting VSS students in pursuing postgraduate studies in Hong Kong. Deputy Principal Manivone Phaxayavong praised the collaboration, noting its positive impact on students' educational prospects and cultural exchange. The visit underscores the importance of educational cooperation, with notable alumni like Deputy Prime Minister Kommasith reinforcing the ties between Hong Kong and Laos.