VIENTIANE: The Lao Bullion Bank (LBB) has signed a Memorandum of Understanding (MOU) with the Japan Bullion Market Association (JBMA) to support the development of Laos’ gold market and strengthen links with international bullion trading.
The MOU, signed in Vientiane on Monday (Jan 19), aims to enhance cooperation in market development, technical knowledge exchange and regulatory practices as Laos seeks to strengthen financial system stability and attract greater participation from global precious metals markets.
The MOU signing ceremony was chaired by the Deputy Governor of the Bank of the Lao PDR (BOL), Soulysak Thamnuvong, and attended by the Japanese Ambassador to Laos, Koizumi Tsutomu, and representatives from relevant government agencies and the private sector.
Under the agreement, JBMA, Japan’s principal industry organisation for bullion market participants, will provide technical support and share best practices with the Lao Bullion Bank. Areas of cooperation include market structure, industry trends, operational standards and regulatory frameworks.
Chief Executive Officer of the Lao Bullion Bank, Dr. Chanthone Sitthixay, said the agreement represents an important step in linking Laos’ gold and precious metals market with international markets.
“This cooperation will help to improve operational standards and support the long-term development of the country’s financial system,” he said.
Chief Director of JBMA, Bruce Ikemizu, said the partnership reflects Japan’s confidence in the growth potential of Laos’ gold market and will help strengthen cooperation between Japan and emerging markets in South-East Asia.
The two parties agreed to cooperate on joint initiatives, information exchange, and practical projects aimed at delivering long-term mutual benefits and supporting sustainable economic development.
The agreement marks another step in strengthening economic relations between Laos and Japan, particularly in the areas of financial market development and natural resource-related industries. - Vientiane Times/ANN
