Laos, Thailand to discuss bilateral trade promotion
Laos, Thailand to discuss bilateral trade promotion
Lao and Thai commerce officials will meet this week to discuss measures to promote bilateral trade between the neighbouring countries.
Deputy Prime Minister Niwatthumrong Boonsongpaisan, who also serves as Commerce Minister, last week said he would attend the meeting between the Thai Commerce Ministry and the Lao Ministry of Industry and Commerce on August 8-9. The two-day meeting will discuss the expansion of bilateral trade and investment, aiming to double its value by 2015.
According to the Thai newspaper Bangkok Post, Mr Niwatthumrong said that Thailand would urge more Thai businesses to invest in Laos as part of efforts to promote bilateral trade between the two countries. The two neighbouring countries plan to double their bilateral trade to US$8 billion (Bt240 billion) by 2015 from US$4 billion in 2011.
Last year trade between the two countries reached US$4.826 billion, up 23.82 per cent year on year. Thailand is the No 1 trading partner of Laos. Last year, its exports to Laos were worth US$3.588 billion, while imports were worth US$1.238 billion. The main exports are finished oil, vehicles, machinery and steel. Main imports include metal scrap, processed wood, fruit and vegetables.
Thailand is currently the third-largest investor in Laos after China and Vietnam. Most of the Thai business investment in Laos is in the mining, energy, agriculture, forestry, and handicraft sectors, including tourism. There is an opportunity for Thai investors to invest in infrastructure.
Mr Niwatthumrong said he would also discuss with the Lao government how to jointly solve some trade obstacles and further cooperation between the private sectors of the two countries. Thailand will also help its neighbouring country develop the One Tambon, One Product (OTOP) scheme, in which Thailand has a lot of experience.
He added that Thailand would urge more Thai businesses to participate in the annual Thai exhibition in Laos to promote their products.
According to economists, the Lao-Thai trade will gain a major boost after the establishment of the Asean Economic Community at the end of 2015. The regional integration aims to make the region a single market and one production base where goods, skilled labour and capital will be allowed to flow freely within the region.
Laos and Thailand share a similar language and culture, which will make it easier for business people from the two nations to communicate and cooperate to run businesses, the economists said.
vientiane times
