Thailand
Indonesia, Laos expand trade growth
From January to May this year, the total value of trade between Laos and Indonesia reached US$22.7 million, with this figure expected to swell significantly by the end of this year.
The two countries have seen a 282 percent increase in trade growth from US$16.1 million in 2017 to US$45.5 million in 2021.
Indonesian Ambassador to Laos, Dr Pratito Soeharyo, highlighted the figures when speaking at the Indonesia-Laos Trade Fair at the Vientiane Center Shopping Mall to mark the 65th anniversary of the establishment of diplomatic relations between Indonesia and Laos.
Ambassador Pratito said he believed the trade fair would increase the exchange of information and business-partner consultations, and would generate more trade and investment between Lao and Indonesian businesses.
Also speaking at the event, Laos’ Minister of Industry and Commerce Malaythong Kommasith said the anniversary and trade fair would broaden cooperation in the economic development of both countries, including trade, investment and tourism.
Last year, the total value of trade between Laos and Indonesia climbed to US$22 million. There are several Indonesian enterprises operating in Laos with projects valued at US$1,719,551, with Indonesia ranked at 32 in terms of trade with Laos.
Mr Malaythong invited entrepreneurs from Indonesia to investigate business opportunities in Laos, especially in industry.
Laos is rich in natural resources and has great potential in the agriculture sector, including organic farming, and it is hoped that Lao agricultural produce could be purchased for export to Indonesia.
In addition, goods from Indonesia could be marketed in Laos and vice versa.
The trade fair, which took place on July 30-31, featured 12 Indonesian booths displaying food items, clothing, handicrafts, fertiliser and heavy industry machinery such as military products and aircraft.
Eighteen Lao companies also took part in the event to introduce Lao products to Indonesians.
On July 31, a business matching event took place which led to a distributorship agreement between PT. Renner Inti International (PT. PATEN), an Indonesian producer of organic fertiliser, and Genscore Laos Co. Ltd., as the exclusive distributor.
Source: https://www.vientianetimes.org.la/freeContent/FreeConten148_Indonesia.php