Greater Bay Area: An Economic Colossus

The GBA, which encompasses nine cities including Guangzhou, Shenzhen, and Macau, boasts a staggering population of about 87 million, and an impressive combined GDP of approximately US$2 trillion as of 2023. This economic powerhouse ranks alongside established global economies such as Canada and Italy, making it one of the world's largest economic regions. In fact, the GBA has attracted around 70% of the Fortune Global 500 companies, solidifying its status as a key business hub on the global stage.

"Hong Kong is the most business-friendly gateway for Thai enterprises yearning to tap into the GBA's potential," stated Lam. The city's low tax environment, seamless capital flow, and the common law system under the ‘one country, two systems’ principle make it an attractive base for international expansion. Furthermore, Hong Kong's vibrant financial market is the world's third-largest, trailing only New York and London, with a market capitalization reaching US$4.4 trillion in 2024 and a leading position in global initial public offerings.

Policy Initiatives to Enhance Business Expansion

To further stimulate business growth within the GBA, several new policy measures have been rolled out. Among them are:

- **Streamlined Visa Access:** Beginning July 2024, non-Chinese Hong Kong permanent residents will be eligible to apply for a new card-type document, simplifying entry into Mainland China.

- **Wealth Management Connect Scheme:** Expanded in February 2024, this initiative opens cross-boundary investment avenues in wealth management for international investors, offering direct access to China’s financial markets.

- **Logistics and Infrastructure Upgrades:** Key developments, including sea-air intermodal cargo services and expansive high-speed rail and road networks, greatly enhance the movement of goods and services within the GBA.

Strengthening Thailand-Hong Kong Relations

The relationship between Thailand and Hong Kong has blossomed, with bilateral trade in goods reaching an impressive US$20 billion in 2024. Hong Kong is now Thailand's third-largest foreign investor, contributing US$2.1 billion in direct investments last year. The flourishing tourist exchange—over 520,000 Thai visitors in Hong Kong and nearly 900,000 Hong Kong tourists in Thailand—underlines the strong people-to-people connections between both regions, which in turn bolsters economic cooperation.

Key sectors that hold significant promise for Thai enterprises include finance, innovation and technology (I&T), trade, and tourism. Hong Kong’s reputation as an international financial center and its dominance in the offshore RMB market present abundant opportunities for Thai businesses seeking to thrive internationally.

A Call to Action for Thai Businesses

Mr. Lam encourages Thai entrepreneurs to collaborate with HKETO and the Hong Kong Trade Development Council to explore effective market entry strategies and identify business prospects. He emphasizes the invaluable experience of visiting Hong Kong and the GBA to build connections with potential business partners.

Recently, HKETO hosted a successful luncheon seminar titled “Unlocking New Horizons: Hong Kong and the Greater Bay Area as a Hub for Global Business and Finance,” attracting over 100 representatives from the Thai government and business sectors. The seminar featured speeches from notable figures, including Thailand's Minister of Commerce, Mr. Pichai Naripthaphan, who reinforced the commitment of both nations to deepen economic collaboration.

As the GBA continues to prosper, the partnership between Thailand and Hong Kong emerges as a beacon of opportunity, inviting businesses to partake in the region's accelerating growth and enhanced prosperity. The time for Thai businesses to seize this chance has never been better!