Laos, Myanmar enhance banking cooperation ties
Laos, Myanmar enhance banking cooperation ties
The Bank of the Lao PDR (BOL) and the Central Bank of Myanmar look set to enhance their technical cooperation ties, especially in the fields of currency policy, economic circumstances and commercial banking management.
To progress discussions on each issue, senior bank officials from the two countries met in Vientiane yesterday to consider the current situation of banking services in the two countries as well as their policies and strategic plans related to trade and investment.
The Myanmar delegation was headed by the Governor of the Central Bank of Myanmar, Mr Kyaw Kyaw Maung with the Lao bankers, led by BOL Governor Dr Somphao Phaysith alongside BOL Deputy Governor Ms Vatthana Dalaloy and other senior officials.
The two sides reached a memorandum of understanding on bilateral cooperation ties in the banking area in Naypyidaw, Myanmar last year.
During the meeting in Vientiane, the two sides highlighted their current economic and financial situation to each other. At the same time, both central banks of the two countries also committed to expand further banking cooperation ties, especially in tec hnical cooperation.
The senior banking officials on both sides believed that the first meeting after the MoU between Laos and Myanmar in the banking field will be able to provide an initial step towards further cooperation with the international banking community.
At the same time, both side s also hoped that their bilateral banking cooperation ties will also promote trade, investment and socio-economic development in the two countries, and also pave the way for financial service connections with the onset of the Ase an Economic Community in 2015. Myanmar is the 33rd biggest foreign country investor in Laos with a value of investment over US$1.7 million, according to last year's report from the Ministry of Planning and Investment.
The governments of the two countries are also intending to promote trade, investment and economic cooperation by jointly building the Laos - Myanmar Friendship Bridge.
The bridge is a joint investment by the Lao and Myanmar governments. Work on the construction of the bridge began early in 2013 with the project costing some US$26 million.
The bridge will be 691.6 metres long and 10.9 metres wide. It will have vehicle lanes and sidewalks and will link the Xiengkok River port in Long district, Luang Namtha province, and Xienglap village in Myanmar.
The bridge will boost trade, investment and tourism between Laos and Myanmar, benefiting both nations as well as Vietnam and China. At the same time, India and Bangladesh will also benefit from this regional road link.
