Logo of Phnom Penh Post newspaper Phnom Penh Post - Laos, Thailand target $12B bilateral trade by 2021

Laos, Thailand target $12B bilateral trade by 2021

Laos, Thailand target $12B bilateral trade by 2021

Laos and Thailand have committed to increasing bilateral trade volume by 10 to 15 per cent annually as the two governments expect to meet the target of $12 billion in 2021, according to the Lao trade minister.

As part of promoting an increase in two-way trade volume, the Lao and Thai governments have closely cooperated in organising trade and investment promotion activities including trade fairs at the local and central levels.

One such initiative to promote trade is Top Thai Brands 2019, which was officially launched in Vientiane on Wednesday and ran until Sunday.

Speaking at the event’s opening ceremony, Deputy Minister of Industry and Commerce, Phanthong Phitthoumma, said the governments of Laos and Thailand have made a strong commitment to markedly increase bilateral trade over the next five years.

“Significantly, Thailand has been one of Laos’ leading trade partners with an outstanding increase in the annual trade value. However, the target planned is quite challenging and we will also focus on trade and investment promotion,” he said.

Strengthen trade and investment Phanthong said the event is co-organised annually by the Lao Ministry of Industry and Commerce and the Ministry of Commerce of Thailand and will provide an opportunity for the two countries to meet the goal.

Charge d’Affaires of the Royal Thai Embassy to Laos, Chatchawan Sakornsin, noted that the event would strengthen trade and investment ties between Thailand and Laos based on equality, sincerity and cooperation.

“This will also support Prime Minister Thongloun Sisoulith’s ‘three opens’ policy, like ‘open door, open barrier and open mind’, in a bid to promote economic integration,” he said.

Meanwhile, Minister Counsellor of the Thai Embassy to Laos, Yanee Srimeechai, said the event was not only aimed at promoting trade cooperation between Thailand and Laos in terms of volume and value, but it also allowed Thai producers to introduce the best products and services to local customers.

“To be frank, the introduction of the best Thai-made goods will enable business cooperation when the market segment is open wider and then it will give Lao and Thai businesses a chance to network and share business lessons,” she added.

She also said that new trends for this year were “food truck businesses” and online commerce.

“Many successful Thai businesspeople will be on stage to share their experiences and provide tips for interested entrepreneurs.”

Yanee said this event would draw public attention with more than 70,000 visitors expected and generate over 50 million baht ($1.576 million).

The trade ministries of Laos and Thailand have been working hard to promote bilateral trade and investment over the past few years through numerous initiatives while seeking to address Laos’ trade deficit with its southern neighbour.

Last year, Laos’ trade deficit stood at $373 million in the first quarter of the year due to a large influx of imported materials to supply infrastructure and hydropower development and domestic production, according to a report from the Ministry of Industry and Commerce. VIENTIANE TIMES/ANN

MOST VIEWED

  • Judge lands in court after crashing into alleged thief

    Sen Sok district police on Thursday sent a Koh Kong Provincial Court judge to the Phnom Penh Municipal Court on manslaughter charges after he crashed his car into a woman riding a motorbike on Wednesday, killing her. District police chief Hour Meng Vang told The

  • Gov’t to boost Siem Reap tourism

    The Ministry of Tourism released the results of an inter-ministerial committee meeting concerning Siem Reap province’s Tourism Development Master Plan for 2020-2035 on Wednesday, revealing the government’s plan to improve the overall tourist landscape there. The meeting was attended by Minister of Tourism

  • Crumbling prices, rent ruffle condo segment

    The prolonged decline in international arrivals to Cambodia intensified by renewed Covid-19 fears has driven down condominium sales prices and rental rates in Phnom Penh, a research report said. CBRE Cambodia, the local affiliate of US commercial real estate services and investment firm CBRE Group

  • Over $3M in traffic fines collected in two months

    Traffic police officers collected over $3 million in fines throughout the Kingdom during the past two months when officers strictly enforced the law in accordance with a May sub-decree, officials said. As incentives, law enforcement officers received between 200,000 and two million riel ($50 to $500) each. The figures

  • More than 10,000 workers suspended

    More than 10,000 workers at 18 factories in Svay Rieng province have been suspended because of Covid-19, said provincial deputy governor Ros Pharith. Home to 11 special economic zones, Pharith said Svay Rieng has not been spared as the pandemic takes a toll on the global economy. “There

  • Nod given for school exams

    The Ministry of Education, Youth and Sport announced that State-run higher educational institutions can hold examinations to end the academic year, while private schools can organise grade 9 and grade 12 examinations at their premises for two days. However, private institutions have to take measures to prevent

  • Kingdom’s exports to US mushroom 25.94% in first five months to $2.4B

    Though Cambodia’s exports to other countries have been stalled amid the evolving Covid-19 environment, the Kingdom’s shipments to the US were worth 25.94 per cent more in the first five months of this year than they were in the year-ago period. Bilateral trade between

  • Oz lauds Kingdom’s passage of money laundering laws

    In a press release published by the Australian embassy in Phnom Penh on Monday, the country applauded Cambodia’s stance on transnational crimes as well as its promulgation of an anti-money laundering law and a law on combating proliferation financing. The praise came after King

  • Lotus face masks designed to cover globe

    A French designer in Cambodia has produced ecological face masks from lotus fibre to supply local and international markets with an eye on preserving ancestral techniques and supporting Cambodian women in rural communities. During a trip to Asia, Awen Delaval, an eco-friendly fashion designer, was

  • Accused not treated equally, says CCHR

    The Cambodia Centre for Human Rights (CCHR) has urged the Court of Appeal to do more to ensure that an accused’s right to a fair trial is fully respected. In a bulletin released on Monday, the CCHR said it had monitored 273 cases at the