Laos and Thailand meet to discuss trade, investment cooperation

Published on August 5, 2013

Laos and Thailand Business Council and businesspeople from the two countries meet to discuss trade, investment cooperation. The Minister of Industry and Commerce Dr Nam Vinhaket highlighted that, Laos is a fast developing country and it will be a hub of trade, tourism, and logistics services.

According to the Minister of Industry and Commerce Dr Nam Vinhaket, if Thai businesses want to invest in production here, they should enter the export market as it is still small. The meeting is set to open the door for business exchange, finding business partners and investment negotiation. Transportation, mining, agriculture and food production groups were in attendance. The products that Laos exports to Thailand are mainly garments, agricultural produce, mining products, and wooden goods, while importation revolves mainly around vehicles and construction equipment.

The Thai Ambassador to Laos Pisanu Chanvitan disclosed that, Last year, the trade value between the two countries reached about 37.5 trillion kip or about 150,000 million Thai baht.

However, that figure does not include the trade value of the two countries’ people’s purchasing at the border where Lao people buy goods in Thailand and vice-versa. Believing the real figure may be about 50 trillion kip or about 200,000 million Thai baht. It is believed that, When the AEC comes into being in 2015, it will create a single market and production base, a highly competitive economic region of equitable economic development, and a region that occupies a significant place within the global economy.

The meeting was attended by officials from the Ministry of Industry and Commerce, the Ministry of Planning and Investment, the Lao National Chamber of Commerce and Industry, the Thailand-Laos Business Council and businesspeople from the two countries.

Source: LNTV Lao News in English