FHKI and VCCCI Forge New Alliance with MoU
to Strengthen Trade Cooperation between Hong Kong and Laos

 

           The Federation of Hong Kong Industries (FHKI) and the Vientiane Capital Chamber of Commerce and Industry (VCCCI) took a significant step forward in strengthening trade cooperation between Hong Kong and Lao People's Democratic Republic (Laos) by signing a Memorandum of Understanding (MoU) today (29 July 2024). This event took place in Laos during the first leg of the Hong Kong Special Administrative Region (HKSAR) delegation's visit to three ASEAN countries, led by HKSAR Chief Executive, John Lee.

          The MoU exchange was witnessed by our Chief Executive John Lee and the Deputy Prime Minister and Minister of Foreign Affairs of Laos, Saleumxay Kommasith. FHKI Chairman Steve Chuang and VCCCI President Sangkhom Chansouk exchanged the MoU, marking the commencement of a new chapter in strategic cooperation between the Laos and Hong Kong.

         The MoU aims at establishing a framework of collaboration between FHKI and VCCCI in supporting industrial development in Laos and Hong Kong, and strengthening mutual understanding and cooperation between the business community of both parties. Under the MOU, both parties shall encourage mutual prosperity through broad exchange and cooperation in economy, business, trade, human resource management, sustainable growth and other relevant areas. Also, they shall conduct joint programs for exchange and cooperation and consult with each other on a regular and frequent basis to share human resources, experience and information required for the programs. Further, they will also encourage members of both organisations to pursue trade and investment cooperation in both Laos and Hong Kong.

        Chairman Chuang highlighted Laos as an emerging market with significant untapped potential, noting that Hong Kong businesses relatively have less familiarity and engagement with it. “Laos boasts a youthful population that promises substantial consumer and labour market potential in the future. Hong Kong businesses could consider not only operating locally but also offering assistance to Laotian enterprises based on Hong Kong’s strengths in areas such as financial fundraising, auditing, product conception and design, and patent applications.”

         In response to the challenges faced by Hong Kong enterprises in expanding across ASEAN, FHKI last year established the “Belt and Road Committee” and the “ASEAN Chapter”. Earlier this year, the ASEAN Chapter inaugurated its first representative office in Vietnam, offering crucial on-the-ground support to Hong Kong enterprises across ASEAN and leveraging Hong Kong’s business networks to promote trade and investment between the Guangdong-Hong Kong-Macau Greater Bay Area and ASEAN countries.

         Chairman Chuang is part of the HKSAR delegation, led by the Chief Executive John Lee, on a six-day mission (28 July to 2 August) to three ASEAN member states, including Laos, Cambodia, and Vietnam.

 

Pic 1: Witnessed by Chief Executive John Lee (first left) and Deputy Prime Minister and Minister of Foreign Affairs of Laos, Mr Saleumxay Kommasith (first right), FHKI Chairman Steve Chuang (second left) exchanged the MoU with VCCCI Sangkhom Chansouk (second right), signifying the start of a promising cooperative venture.

 

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