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Laos, Thailand agree on business cooperation to boost economy
Laos and Thailand have agreed to cooperate on business development to promote trade and investment in order to boost economic efficiency and relations between the two countries.
The government and business sectors of the two countries yesterday signed eight Memorandums of Understanding (MoU) in Vientiane at the Laos-Thai Business Forum.
The first MoU is to promote business cooperation, trade and investment relations and tourism between the Thai Chamber of Commerce and the Lao National Chamber of Commerce and Industry (LNCCI).
The second MoU is cooperation on energy, e-commerce and education between the Federation of Thai Industries and LNCCI.
Third is assistance with training for Spa businesses between Thai Spa Association and Laos Wellness Association, while the fourth and fifth MoUs relate to the opening of Pho Zap and Taifa Optical Centre at View Mall in Vientiane.
The Sixth covers a joint venture for opening the major retail outlet there between Tantapan Supermarket of Thailand and Rim Ping Lao and the seventh MoU is a joint venture to open the coffee shop between Wawee Coffee of Thailand anwd Lao Wawee Coffee.
The eighth MoU is a cooperation agreement to provide techniques and knowledge on herb plantations and technology for commercialisation.
At the meeting Thailand and Laos also signed two MoUs on SME promotional partnerships between the Department of Industry Promotion of Thailand and Department of SME Promotion of Laos.
The partnerships cover the Office of SMEs Promotion of Thailand and LNCCI, the Lao Businesswomen’s Association and the Young Entrepreneurs Association of Laos.
Objectives include improving economic and commercial cooperation between Lao and Thai SMEs and developing Lao and Thai SMEs’ competitiveness in the global market.
Cooperation will also further expand their business interactions in areas such as trade, investment and services.
Most Lao SMEs still lack experience and skills in business operations, so cooperation is seen as beneficial for the local sector.
Thailand is considered as have high-quality human resources and experience in marketing, while Laos has strong potential in natural resources.
After the signings, Deputy Prime Minister, Somdy Duangdy advised both sides to actively implement the agreements to put them into practice.
Meanwhile, Deputy Prime Minister of Thailand, Somkid Jatusripitak said SMEs played a very important role in enhancing economic development and promoting job opportunities.
SMEs shouldn’t prioritise rapid expansion but rather first strengthen their operations and enhance financially stability, he commented.
While many entrepreneurs were successful, large numbers of SMEs were still struggling with capacity building, marketing and accessing finance, Mr Somkid said.
Thailand has invested in 71 major projects in Laos, worth US$741 million, making it the third ranked foreign investor after China and Vietnam, LNCCI President, Mr Oudeth Souvannavong reported at the forum.
Source: http://www.vientianetimes.org.la/FreeContent/FreeConten_Laos_119.html