Choi noted that business opportunities in ASEAN nations are not just limited to trade, but also investment and service industries.

As the land price and salary costs are surging for Hong Kong companies operating in South China's Pearl River Delta, Choi suggested that they could consider relocation in Southeast Asian countries like Vietnam, Myanmar, Cambodia and Indonesia.

ASEAN boasts a combined population of over 600 million, nearly half of China's or Indian's population. According to International Market Assessment, the hourly wage rate in China is $1.56, compared to $0.81 in Vietnam and $0.51 in Indonesia.

Another strength of the region is affluent natural resources. Many Southeast Asian countries, including Malaysia, Thailand, Indonesia, Myanmar and the Philippines, have vast natural gas reserves.

As developing nations, ASEAN countries also manifest huge untapped potential for infrastructure investment. Airport, toll roads, bridges, railways, to name but a few, are all in need of development, particularly given the trend of greater integration within ASEAN member states and more trade connections between China and the bloc. Choi said such infrastructure investments are not only business opportunities for Hong Kong enterprises, but also for state-owned enterprises in Chinese mainland.

In Choi's opinion, the concept of Hong Kong companies should be a broad one, including those mainland enterprises listed in Hong Kong with a business operation base in the city.

When then-vice-premier Li Keqiang visited Hong Kong in August 2011, he said the Chinese mainland and Hong Kong companies should work hand-in-hand to "go out" and make foreign investment. Choi sided with this idea and said this would allow companies from both sides to demonstrate their own distinctive strengths.

"Many Chinese enterprises are strong in manufacturing, mining and power supplying, whereas Hong Kong companies have more experience in the service sector, such as financial service, professional service, management and human resources," Choi said. "Therefore, we should work together and go to ASEAN side by side."

A win-win deal

Choi has been ardently advocating Hong Kong's access to ASEAN-China Free Trade Agreement for the past few years. He said this is not just beneficial to Hong Kong, but would also spur growth and development within the region and bring benefits to all ASEAN members.

Hong Kong is widely known for its expertise in the financial service sector, such as in company mergers, fund raising, consultancy, auditing and logistics. Hong Kong's role as a premier offshore renminbi center also helps in meeting ASEAN businesses' financial needs, said Choi, citing that 92 percent of the Chinese mainland's cross-border renminbi trade were settled in Hong Kong in 2011.

According to a research report from the Asia Strategy and Leadership Institute, Hong Kong's participation in the ACFTA is projected to further enhance the city's bridging role between the Chinese mainland and ASEAN, bringing about a 28 percent increase in the regional bloc's exports to the Chinese mainland. It will principally benefit the ASEAN's food processing, electronic industries, finance, insurance, construction and business services.

Hong Kong expressed its interest in joining the ACFTA to the ASEAN Secretary-General in November 2011. Acknowledging that the final decision would require consent from all 10 members of ASEAN, Choi said, "It takes time, but we hope that they will understand our wish to participate and I think it will be beneficial to both parties."