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Lao, Indonesian entrepreneurs cement ties at business forum
Indonesian entrepreneurs held discussions with their Lao counterparts seeking business matching opportunities as part of a business forum and seminar in Vientiane on Monday.
The Indonesian Embassy to Laos in cooperation with the Ministry of Planning and Investment yesterday organised the event which aimed to increase economic cooperation and foster business relationships between the two nations’ small and medium enterprises.
The event started with a video narrated by Ambassador of Indonesia to Laos Mr Pratito Soeharyo, showing Indonesia as a worthy partner for Laos while Director General for Asia-Pacific and Africa of the Ministry of Foreign Affairs, Ms Phongsamouth Anlavan, highlighted the bilateral relations between the two countries.
Opening the seminar, Deputy Chairman for Investment Climate Development of the Indonesia Investment Coordinating Board (BKPM), Ms Farah Ratnadewi Indriani, explained improvements to the investment climate in Indonesia through successful reform of its law on investment.
The progress was reflected by Indonesia’s improved position in the ‘ease of doing business’ world ranking from 91 to 72.
The seminar was followed by a one-on-one business matching session attended by more than 15 Indonesian companies, Lao firms and other invited guests which gave businesspeople the chance to have direct discussions to explore mutually beneficial opportunities.
A Memorandum of Understanding was signed between the Lao Wood Production Industry Cluster and Indonesian Furniture and Craft Industry Association to support the quality improvement of Lao timber products in order to meet regional and international standards for mutual benefit.
The signing was witnessed by Mr Pratito Soeharyo and Ms Phongsamouth Anlavan.
Laos and Indonesia established diplomatic relations in August 1957 but despite their friendly relations the value of bilateral trade remains small.
According to Trading Economics, which referred to Statistics Indonesia, exports to Laos by Indonesia dropped to US$4.5 million in 2014 from US$5.8 million in 2013. Exports to Laos from Indonesia averaged US$3.6 million from 1993 until 2014, reaching an all time high of US$23.8 million in 2012 and a record low of US$300,000 in 1993. Exports to Indonesia from Laos totalled US$51.3 million in 2014.
Source: http://www.vientianetimes.org.la/FreeContent/FreeConten_Lao.php