Thailand, Japan, Laos to promote industrial development
Thailand, Japan, Laos to promote industrial development
Thai and Japanese banks and the Lao government have an objective to promote and develop economic and industrial cooperation among the three countries as well as between their respective companies and non-governmental agencies.
Krungsri (Bank of Ayudhya PCL), together with The Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU), signed a Memorandum of Understanding (MoU) with the Ministry of Planning and Investment (MPI) of Laos in relation to the project on Monday in Vientiane.
Krungsri and BTMU are members of the Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial group and one of the world's largest financial groups.
“The strong cooperation between the three parties will allow BTMU and Krungsri Bank, both members of the MUFG, to bett er assist the MPI in the promotion of investment from Japan and Thailand and even other countries, to Laos, through the MUFG's 1100 offices in over 40 countries,” Krungsri President and CEO Mr Noriaki Goto said at the signing ceremony.
The MOU signing ceremony was attended by representatives from Krungsri, BTMU and MPI.
“I'm sure that this tri-party partnership will contribute to the continued growth of Laos through promotion and development of economic and industrial collaboration among Thailand, Japan and Laos,” Noriaki Goto said.
“We'll be able to connect and assist investors, both public and private, from Thailand and Japan to Laos with banking facilities, investment information, and facilitation of meetings to build close rapport between all parties and to realise potential business opportunities in the future,” Noriaki Goto said.
BTMU Managing Executive Officer and Chief Executive Officer for Asia & Oceania, Mr Go Watanabe, said that Laos' proactive approach to building a strong and resilient economy with investment programmes as well as its close diplomatic ties to Japan makes it an ideal partner for Japanese corporations.
“We wish to assure MPI of our commitment as we tap our combined resources and MUFG's extensive global network, to attract as many Japanese and global companies to invest in Laos as possible,” Go Watanabe said.
“Asia has always been an important market for BTMU and it will remain a strategic region for us in years to come,” Go Wat a nabe added.
The MPI's Investment Promotion Department Director General, Mr Manothong Vongsay, said the MoU aimed to confirm the strong collaboration in developing economies between Laos, Japan and Thailand.
In the past, cooperation between the three nations' governments had been successfully achieved, resulting in assistance in developing infrastructure, especially through private investments.
Investments from Thailand have been dramatically increased in various sectors. “Thailand is ranked the second largest foreign investor in Laos with an FDI value of US$4,489 million from 747 projects over the period from 1988 to 2014,” Manothong said.
“Japan is ranked the sixth largest foreign investor in Laos with an FDI value of US$437 million over the period from 1988 to 2014.”
He said for future foreign investment promotion, the government will continue to promote the food industry, garments, modern wood industries, services, organic vegetables, transportation, education and health care.
At the same time, the government is also promoting new investments such as electronic parts (for example camera and mobile phone parts) and other processing industries in 11 special economic zones and specific economic zones.
Krungsri has been operating in Laos since 1994. It is the largest bank in Thailand in terms of loans, deposits and net income.
