Laos, South Africa boost business networking
Laos, South Africa boost business networking
Trade, investment and business cooperation between Laos and South Africa will be stronger when the two countries share a similar background of economic infrastructure, according to the South African Ambassador to Laos.
The two countries have similar economic potential because they are dependent on electricity and mining as well as other natural resources.
“Since the establishment of diplomatic relations in 1994, the volume of trade between our two countries has been quite small,” Ambassador Ruby Mar ks told Vientiane Times on Friday.
Trade between Laos and South Africa has reached US$5 million since diplomatic relations were established, Ambassador Marks said.
“The large distance between us is probably the reason for the slow growth of trade as South Africa is far away from Laos, but our two countries are striving for brighter economic relations in the years to come,” she said.
She also said it would be beneficial if a Lao business delegation were to go to South Africa to explore investment opportunities.
“The Embassy of the Republic of South Africa is cooperating with the Lao National Chamber of Commerce and Industry to possibly organise a visit by a business delegation,” Ambassador Marks said.
She said Lao products on sale in South Africa are mostly textiles and various handicraft products.
South Africa exports wine, foodstuffs, bullion, heavy machinery and equipment, consulting and technical services, automotive components and parts, chemicals, high-tech fibres and plastics to Laos.
“But the quantity of products exported to Laos is tiny,” she said.
The business networking session was organised by the Embassy of the Republic of South Africa, which is based in Bangkok, Thailand.
President of the Lao National Chamber of Commerce and Industry, Mr Sisavath Thiravong, attended the event with representatives of the public and private business sectors, and senior officials from the trade and investment sectors.
“To strengthen trade relations between our two countries, we come here to share experiences, technical knowledge and other important investment tools,” Ambassador Marks said, saying that South Africa is willing to welcome Lao investors as well.
“South Africa has a lot of expertise in rail networks and deep mining, so it would be a great opportunity for Laos to share it with us,” she said.
Diplomatic relations between South Africa and the Lao People's Democratic Republic were established in September 1994.
In addition, South Africa is a leader in agricultural and environmental management, and can offer technical research capability in cutting edge sustainable food production and environmental management.
