The Chief Executive's Council of Advisers on Innovation & Strategic Development held its second meeting today.

The advisory body discussed how Hong Kong can enhance collaboration with the Association of Southeast Asian Nations, pursuant to the signing of a free trade agreement and an investment agreement last November which are expected to come into force next January.

Members said new opportunities for collaboration can be found in each of the five areas of connectivity under the Belt & Road Initiative, namely policy co-ordination, facilities connectivity, unimpeded trade, financial integration and people-to-people bond.

With the high level of professional expertise in Hong Kong and its position as an international financial, transportation and trade centre, members agreed the city can act as a platform for ASEAN companies accessing the Mainland market and as a valuable partner for Mainland companies "going global".

They urged the Government to enhance its efforts in assisting the private sector to tap into the vast ASEAN market.

Chief Executive Carrie Lam said Southeast Asia plays an important role in the Belt & Road Initiative.

"ASEAN is Hong Kong's second largest trading partner in merchandise trade and the third largest in services trade.

"It is important for Hong Kong to capitalise on the existing relationship with ASEAN and take another step forward.

"Hong Kong will open a new Economic & Trade Office in Bangkok, the third one in ASEAN after Singapore and Jakarta."