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Laos to host regional economic conference
Laos will host the 17th Asean Economic Ministers' Retreat next month, giving another push to regional economic integration efforts, Minister of Industry and Finance Dr Nam Vinhaket announced yesterday.
Speaking at a press conference in Vientiane, Dr Nam said the annual meeting of Asean economic ministers will take place from February 25 to 27, giving opportunities for member countries to review cooperation and set future directions in building a regional economic community by 2015.
Economic ministers of newer Asean member countries, Cambodia, Laos, Myanmar and Vietnam, will also hold their second conference in Vientiane over the same period to develop common understanding on how to narrow the Asean development gap, he said.
The Asean economic ministers will propose the findings of the meeting to the Asean Summit for further consideration and approval.
Dr Nam urged all sectors involved to be hospitable during the conference, adding that the meeting is not only an opportunity for discussions on economic cooperation but also a chance to display Lao culture and capture further opportunities for economic development.
He said regional economic integration would bring benefits to local companies as they will have access to larger markets. However, he urged Lao businesses to prepare for more competition as the country will also open its market to others.
“Lao businesses will have to improve themselves so they can benefit from regional economic integration.”
Trade value between Laos and Asean member countries has been increasing - particularly with Thailand and Vietnam, he said
Asean plans to build a community comprising the Security Community, Economic Community and Socio-cultural Community. The Asean Economic Community will build the region into a single market and production base with a free flow of goods, capital and labour.
The meeting of Asean economic ministers will take place amidst a recovering world economy where a number of regional initiatives are being put into practice. These include the Asean-China Free Trade Agreement and Asean-Korea Free Trade Agreement.
Work on the Asean-India Free Trade Agreement and the Asean-Australia-New Zealand Free Trade Area are also in progress.
Such initiatives will provide a better business and investment climate in the region.
Vientiane Times
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