Malaysia seeks to grow palm oil market in Laos
Malaysia seeks to grow palm oil market in Laos
The Malaysian Palm Oil Board (MPOB) is looking to expand its business in Laos where economic growth is around 7 percent per year, according to a senior official at a seminar this week.
“The palm oil industry has enormous potential that can bring greater growth and prosperity to the Lao people,” Ambassador of Malaysia to Laos, Mr Dato' Than Tai Hing, said at the inaugural MPOB technical seminar in Vientiane on Thursday.
The seminar aimed to provide participants with valuable experience, knowledge and technical know-how on the potential of palm oil especially in the food industry, and increase awareness of its commercial benefits.
The seminar also came at a special juncture as Malaysia and the Lao PDR recently celebrated the 50th anniversary of the establishment of diplomatic relations between the two countries.
Laos and Malaysia established diplomatic ties on July 1, 1966, and since then relations and cooperation between the two Asean member countries have developed and been enhanced, Mr Dato noted.
He said the Lao private sector should be further encouraged to look into expanding its business in the palm oil industry.
Deputy Minister of Industry and Commerce, Mr Somchith Inthamith, said the government was pleased with the initiative by the MPOB to venture into Laos as it would pave the way for mutually beneficial cooperation between the two countries' private sectors.
He outlined some of the measures currently being undertaken by the Lao government to invite foreign investors to explore business opportunities in the country.
He encouraged Lao businesses to actively explore the possibility of future collaboration with the MPOB and Malaysian business community to expand bilateral trade between the two countries.
Malaysia is the ninth largest foreign investor in Laos with much potential left untapped and investments in 101 projects worth more than US$382.2 million, according to the Ministry of Industry and Commerce.
