Laos, Cambodia boost cooperation to promote trade and investment
Laos, Cambodia boost cooperation to promote trade and investment
Laos and Cambodia have agreed to strengthen their cooperation and friendship ties with the aim of developing relationships and deepening mutually beneficial cooperation, as well as promoting advantageous commercial and industrial interests.
A Memorandum of Understanding (MoU) was signed in Vientiane yesterday during the Asean Business and Investment Summit 2016 by the Lao National Chamber of Commerce and Industry (LNCCI) President, Mr Oudet Souvannavong and the Cambodian Chamber of Commerce and Industry (CCC) President, Mr Neak Oknha Kith Meng.
The event was attended by the Lao Minister of Industry and Commerce, Ms Khemmani Pholsena and representatives from the business sectors in Laos and Cambodia.
The objective of the MoU is to establish a general cooperation framework between the LNCCI and CCC in order to promote economic relations between Laos and Cambodia, according to the agreement, as well as to boost trading and investment.
The two parties will agree to provide advice a nd assistance in the organisation of business delegation exchanges between the Lao PDR and Cambodia by holding symposia, conferences, trade missions and other events to familiarise business circles with the economy an d export capacities of the two countries.
The parties will agree to regularly exchange market information, business opportunities and economic delegations including information on companies and foreign trade organisations for promotion among entrepreneurs and organisations in terms of the membership.
The relationship and cooperation between Laos and Cambodia has continued to strengthen but investment between the two countries is quite small compared to that between some other Asean countries.
Bilateral trade between Laos and Cambodia last year reached US$24.5 million, while total investments in Laos by Cambodia are valued at about US$84 million.
