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Laos, Malaysia reaffirm business cooperation
Laos and Malaysia plan to continue to promote economic cooperation after seeing the progress made in recent years.
Malaysia’s investments have helped to improve the quality of life for Lao people, it was noted when economic experts from the two countries met in Vientiane last week.
The Lao delegation was led by the Director of the National Economic Research Institute, Mr Bouasone Bouphavan, while the Malaysians were headed by Special Envoy Ministerial Rank for Infrastructure at the Prime Minister’s Department, Mr Tun S. Samy Vellu.
Mr Tun and his delegation came to Laos for a short working visit from October 29 to November 1.
During their meeting, the delegations exchanged views and discussed future cooperation, saying they highly valued their cooperation over past years.
Both sides expressed their appreciation of the friendly relations and good cooperation between Laos and Malaysia over the past five decades. They discussed policies to promote and attract more investment from abroad, and potential cooperation in energy, building infrastructure, and property development.
“The visit by Mr Tun and his delegation is a significant milestone in promoting trade and investment between our two countries,” Mr Bouasone said.
It was noted that the economies of the two countries needed stronger connectivity in terms of trade and investment.
Regarding investment, Malaysian is currently ranked the 4th largest foreign investor in Laos behind China, Vietnam and Thailand, through its hydropower projects, development of special economic zones, and the service sector.
Malaysian investors are now keen to further invest in Laos through numerous projects.
Last year, Malaysia’s bilateral trade with Laos recorded an increase of 74.5 percent amounting to US$31 million compared to US$17.7 million in 2015, while Malaysia’s investments in Laos are valued at over US$1 billion with 103 registered projects, the Ministry of Planning and Investment reported.
Malaysian businesses have set up extensive operations in the Savan-Seno Special Economic Zone, Savan Park (Zone C).
As of 28 April 2017, there were 55 licensed investors operating in this zone with an investment value of US$132 million. Several additional Malaysian companies have reportedly also shown interest in investing in the Savan-Seno Special Economic Zone following the Malaysia-Lao PDR Business Forum held in May.
Source: http://www.vientianetimes.org.la/FreeContent/FreeConten_Laos_malaysia_260.html