VIENTIANE (Vientiane Times/Asia News Network): The Lao National Chamber of Commerce and Industry (LNCCI) and the National Polish-Arab Chamber of Commerce (NPACC) under process, have agreed to support each other in promoting economic and trade relations, and the possibilities for investment cooperation between Laos and Poland.
A Memorandum of Understanding on the initiative between the two chambers of commerce was signed in Dubai, United Arab Emirates, last week.
The agreement was signed by the President of the Lao National Chamber of Commerce and Industry, Oudet Souvannavong, and President of the National Polish-Arab Chamber of Commerce under process, Robert Jreissati.
The signing ceremony was attended by Laos’ Minister of Industry and Commerce of Laos, Dr Khampheng Saysompheng, and other officials from the two sides.
With a common desire to further enhance economic and trade relations and explore investment cooperation between Laos and Poland and Arab countries in the context of economic globalisation, the LNCCI and NPACC under process agreed to the following activities through friendly negotiations:
The two parties are to keep in constant contact and carry out activities with the aim of promoting economic and trade relations and exploring investment cooperation between Laos and Poland and identifying their “best in class” products to be distributed by their respective members in both countries.
The two parties will provide assistance to personnel and delegations from the economic, trade, investment and financial sectors of both countries during visits to Laos and Poland.
For the promotion of economic and trade relations and investment, especially with relation to consumer goods, between the two countries, the two parties will encourage and assist their organisations, firms and enterprises to hold or participate in international fairs and specialised economic and trade exhibitions in the other party’s country.
Both parties will strengthen onsite and online cooperation through the use of internet platforms to provide each other with information on the economic circumstances, trade, investment and markets in their respective countries. Publications are also to be exchanged periodically.
The two parties will actively promote friendly relations and cooperation between their respective non-governmental organisations and professional associations in the fields of economics, trade, tourism, legal affairs and consultancy services, and assist firms and enterprises in both countries to cooperate in economic, trade, tourism and investment matters in various forms.
Both parties will encourage their firms and enterprises to settle any disputes arising from business transactions through friendly consultation, mediation and arbitration.
The two parties agreed to designate a specific person or communication mechanism within their respective organisations to effectively exchange trade and investment information and facilitate business opportunities between the two countries, and to coordinate any specific projects, forums and meetings in the future.
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