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Laos, Malaysia see 14 percent bilateral trade growth
Bilateral trade between Laos and Malaysia continues to increase as relations between the two Asean members reach new heights, according to the Malaysian Ambassador to Laos.
“Malaysia's total trade with Laos grew by 14.9 percent to reach about 138.6 billion kip (US$17.33 million) in 2010,” Mr Dato' Than Tai Hing said this week in his message to mark the 54th anniversary of the independence of Malaysia, which falls on August 31.
“Based on the recent performance, there is confidence that bilateral trade between the two countries will continue to increase.”
According to the ambassador, the value of Malaysian investment in Laos reached 1,320 billion kip (US$165 million) from 2000 to 2010. Most Malaysian investment is in the areas of banking, insurance, tourism, education, construction, agriculture, trade and consultancy.
During the decade, Malaysia was one of the top foreign investors in Laos, according to a report from the Lao Ministry of Planning and Investment.
Mr Dato' Than Tai Hing said that the increased economic cooperation between the two nations has also boosted tourist numbers.
Around 15,000 Malaysian tourists visited Laos in 2010, about an 11 percent increase on the year before, while about 38,000 Lao tourists visited Malaysia last year, about an 8.57 percent increase, he said, adding that Malaysians travel to Laos for bo th holidays and to explore business and investment opportunities.
According to the ambassador, the increase in bilateral trade and Malaysian investment in Laos was made possible due to the closer relations between the two nations.
S ince establishing di-plomatic ties in 1966, Laos and Malaysia have continued to improve their relationship based on trust, mutual respect, goodwill and understanding, he said. “Exchange visits by leaders of the two countries have contributed strongly to the enhancement of relatio ns and cooperation between the two countries.”
Malaysian Prime Minister Dato' Sri Mohd Najib Tun Abdul Razak made an official visit to Laos in 2010 and Lao President Choummaly Sayasone paid a state visit to Malaysia in the same year.
“This first ever visit by a Lao head of state to Malaysia since the establishment of diplomatic ties marked a new milestone in the bilateral relations between the two countries,” he said.
vientiane times
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