Thai business operators seek Lao markets
Thai business operators seek Lao markets
Thai business operators are looking to expand into the Lao market ahead of the Asean Economic Community which comes into effect at the end of this year.
More than 100 Thai brands are keen on developing their businesses in Laos.
Particular interest has b een shown by the makers of high-demand goods such as agricultural machinery, electronic appliances, health and cosmetic products, stationery and educational supplies, an official from Thailand's Ministry of Commerce said at last week's recent Lao-Thai Trade Fair in Vientiane .
The fair was co-organised by the Ministry of Industry and Commerce of Laos and the Department of International Trade Promotion, Thai Ministry of Commerce, aiming to promote trade relations between the two countries and allow companies to identify business matching opportunities and approach potential business partners.
This year, almost 260 booths displayed products made in Laos and Thailand.
Lao exhibitors displayed a wide variety of goods including household items, handicrafts, clothing, foodstuffs, drinks, furniture and cosmetics, while goods from Thailand included agricultural machinery, electronic appliances, stationery and educational supplies.
The fair also featured a variety of modern apparel, leather products, gifts, health products, cosmetics and other manufactured goods.
The official noted that trade values between Laos and Thailand had increased year-on-year in line with economic expansion.
In the first three months of this year bilateral trade reached more than 40.8 trillion kip (US$5.1 billion), with the export value of Thai products into Laos increasing by 1.8 percent and exports from Laos to Thailand increasing by 13 percent compared to the same period last year.
“The AEC will serve to enhance the trade volume between Laos and Thailand because both countries have similarities of language and culture, which is not the case for other countries in the region,” the official said.
This increased potential means more and more Thai businesses are looking at expansion into Laos.
Thailand is already one of the three largest investors in Laos along with China and Vietnam.
Thai businesses mainly invest in agriculture, mining, hotel and restaurant services, hydropower plants and other areas.
