Lao, Thai trade continues to grow
Lao, Thai trade continues to grow
The Ministry of Planning and Investment (MPI) has reported that trade between Laos and Thailand should keep growing in both trade value and cooperation in technical capacity building despite the current political turmoil.
The two countries trade value was up to about 20 trillion kip (US$2.5 billion) in the first six months of this fiscal year (2013-14), according to a draft report on national social and economic development from the MPI recently.
“The US$2.5 billion represents a 3.47 percent increase on the same period last fiscal year,” the report noted.
The US$2.5 billion in two-way trade included export values of about US$618 million and imports of around US$1.7 billion.
The main import products included fuel, vehicles and spare parts, raw materials for garment production, electricity, food and drinks, electronic goods, and equipment for industrial use and agricultural purposes.
Meanwhile Laos' main export products include agricultural produce such as maize and cassava, timber and wood products, electricity and minerals such as copper.
“Last fiscal year (2012-13), the trade value between our two countries reached about 40.48 trillion kip (US$5.06 billion),” the then Minister of Industry and Commerce Dr Nam Vinhaket said at a meeting between Lao and Thai officials in March.
That US$5.06 billion was a large increase compared to fiscal year 2011-12 when the value of trade was about 17.92 trillion kip (US$2.24 billion).
The trade value had increased because of the sharp rise in the demand for goods, both for local supply and export, the report noted.
The US$5.06 billion figure included an export value of about 10.80 trillion kip (US$1.35 billion) while the import value was about 29.60 trillion kip (US$3.7 billion).
Trade and investment between Laos and Thailand continues to flourish.
Officials from the ministries of industry and commerce in Laos and Thailand have planned to create a framework for trade and investment promotion cooperation.
They signed a memorandum of understanding (MOU) on cooperation to this effect at the end of last year.
The benefits to flow should include strong teamwork in the promotion of trade and investment by the two countries as well as in the Asean region as a whole.
The MOU involved various areas of cooperation including information exchanges on business opportunities and promotion efforts as well as seminars and exhibitions aiming to open up more opportunities in trade and investment.
It also encourages international exhibitions, business matching meetings and visits as well as trade promotion and the use of technologies for market expansion, especially building markets via the internet.
The two parties also agreed to cooperate on problem solving, especially in addressing challenges that hinder trade and investment.
Laos and Thailand will also work together to promote the Asean Economic Community, with Laos gearing up to participate in the regional grouping when it comes into being in 2015.
vientiane times
