The Hong Kong Cyberport and Thailand’s InnoSpace have closed a memorandum of understanding (MOU) with the aim of boosting bilateral ties between the two countries and supporting start-ups’ development as well as their expansion into overseas markets.

The agreement formed part of the ‘Thailand - Hong Kong Strategic Partnership’ event held in Bangkok and was signed by Cyberport Chief Executive Officer Peter Yan and Chairman of the advisory committee of InnoSpace (Thailand) Tevin Vongvanich.

The MOU consists of collaborative efforts on both sides of the agreement to create a framework of innovation and start-up development. This will encourage entrepreneurs to expand their businesses successfully and transition into foreign markets.

“Hong Kong and Thailand mutually recognise the importance of start-ups as a new engine of economic growth and development. Both Hong Kong and Thailand have been developing support programs and mechanisms to promote and facilitate innovation and start-ups. The MoU marks a major milestone in the bilateral cooperation in start-ups support and provides an extended network to assist start-ups of both regions in expanding their business along the Belt and Road and beyond,” Dr. George Lam, Chairman of Cyberport said.

Peter Yan, CEO of Cyberport, said: “Cyberport has an Innovation and Technology community of over 1,200 companies.  We will facilitate InnoSpace start-ups to develop further by integrating them into our community.  As a member of Cyberport community, InnoSpace startups can enjoy services of and access to our Cyberport Investor Network, Enterprise Network and Technology Network. They may also collaborate with local and international business partners to develop new opportunities.  Cyberport can springboard them to enter Hong Kong, Mainland China and the Greater Bay Area markets.”

Yan went on to say, “We will work with InnoSpace (Thailand) to facilitate Hong Kong start-ups and tech companies to expand their business to Thailand and other ASEAN markets.”