Asean chair Laos hails ‘indispensable’ partner Hong Kong amid regional challenges

Laos, as Asean chair, is seeking to boost regional cooperation and infrastructure, while also strengthening ties with Hong Kong

Reading Time:2 minutes

John Lee Ka-chiu (left), Chief Executive of Hong Kong, and Phouthanouphet Saysombath, Lao’s Deputy Minister of Finance speake during the Hong Kong - Asean Summit 2024 on September 13. Photo: Eugene Lee

Published: 6:18pm, 13 Sep 2024Updated: 12:26pm, 30 Sep 2024

As the current Asean chair, Laos is working with the bloc to enhance infrastructure and connectivity, promote deeper regional cooperation, and uphold its centrality, according to its deputy finance minister.

During a 10-minute ministerial keynote address in Hong Kong on Friday, Phouthanouphet Saysombath also discussed the potential for Asean-Hong Kong collaboration, in areas such as green finance, trade and innovation.

“Asean and Hong Kong recognise each other as critical and indispensable partners in the realising of our prospective visions,” he said, stressing that Hong Kong was a “highly developed territory” and a close and valuable neighbour of the region.

Saysombath made the remarks at the Hong Kong-Asean Summit 2024, organised by the South China Morning Post in partnership with the Hong Kong-Asean Foundation and Our Hong Kong Foundation.

Asean, the Southeast Asian regional bloc, has been Hong Kong’s second-largest merchandise partner for over a decade, with trade amounting to US$145 billion, nearly 13 per cent of the region’s total global trade last year, according to official data.

Additionally, Hong Kong contributed 6.5 per cent of direct investment inflows into the region last year, making it the fourth-largest source of direct investment among the group’s external partners.