VIENTIANE: The government is reaching out to the United Arab Emirates in a bid to secure more affordable fuel supplies and expand cooperation in trade, investment, and renewable energy.
The proposal was made by Deputy Minister of Industry and Commerce Manothong Vongsay during a recent meeting in Vientiane with the Ambassador of the United Arab Emirates to Laos, Bader Abdullah Al Matrooshi, according to the Ministry of Industry and Commerce.
As rising global fuel prices continue to place pressure on the Lao economy, Manothong asked the United Arab Emirates to consider providing fuel at a reduced price, to help ease the burden of domestic shortages and bring greater stability to the energy market.
Laos currently imports fuel mainly from Vietnam, Thailand, Malaysia and Singapore.
From January to June this year, the government spent more than US$557 million on diesel alone, according to figures from the Department of Foreign Trade published on the Ministry of Industry and Commerce’s website.
While the terms of a possible fuel partnership have not yet been disclosed, the two sides expressed interest in building a stronger foundation for long-term energy cooperation.
Manothong also invited Emirati investors to explore business opportunities in Laos, saying that closer economic ties would benefit both countries.
He encouraged more high-level visits from government and private sector representatives to enhance mutual understanding and open the door for further collaboration.
Trade between Laos and the United Arab Emirates has grown steadily over recent years, with a combined value of more than US$96 million recorded from 2020-2024.
During this period, Laos exported goods worth US$26 million to the United Arab Emirates, including chemicals, paper, tobacco, and clothing.
In return, Laos imported products worth US$69 million, mostly comprising books and newspapers, plastic products, animal feed, crude oil, lubricants, engine oil and grease, mechanical equipment, and synthetic fibres.
During the talks, the two delegations reaffirmed their commitment to renewable energy development and agreed to proceed with plans to sign a Memorandum of Understanding on renewable energy cooperation.
The proposed agreement covers seven key areas, including the sharing of technical expertise, capacity building, development of new energy sources, and support for energy efficiency and conservation measures in Laos.
The two delegations said they hoped the partnership would pave the way for a cleaner and more resilient energy future, while also strengthening diplomatic and economic ties. - Vientiane Times/ANN
