VIENTIANE: The government has proposed a range of measures to strengthen economic and trade ties with the United Arab Emirates (UAE), including encouraging UAE businesses to explore investment opportunities in Laos and seeking support for fuel supplies on preferential terms to boost Laos’ energy security.
The proposals were made by Minister of Industry and Commerce Malaythong Kommasith during a meeting with UAE Ambassador to Laos Bader Almatrooshi held in Vientiane on Aug 19 to review bilateral cooperation in trade, investment and renewable energy development.
According to a report from the Ministry of Industry and Commerce, the meeting discussed cooperation between the two countries in past years, as well as future plans for stronger economic relations.
Malaythong welcomed the Ambassador and his delegation to the Ministry of Industry and Commerce and expressed appreciation to the UAE government for its support in promoting trade and investment cooperation with Laos, which has made a positive contribution to several successful projects.
To further deepen relations, he recommended more exchanges between high-level and other delegations from both the public and private sectors, while encouraging UAE investors and businesses to visit Laos and conduct feasibility studies on potential investment projects.
He also called for closer cooperation in renewable energy, including through a Memorandum of Understanding to foster the sharing of experiences, technical knowledge, strategies and legislation in the sector.
Other areas of proposed cooperation include education, development and investment through loans or other forms of assistance, as well as greater participation by UAE businesses in investment activities in Laos.
Malaythong also requested UAE’s support for the supply of oil to Laos at friendly or preferential prices and conditions, with the aim of bolstering Laos’ energy security.
Ambassador Almatrooshi outlined the purpose of his visit and reaffirmed the UAE’s interest in strengthening ties with Laos in the areas discussed.
The value of trade between Laos and the UAE has reached approximately US$95 million to date. Laos has exported goods worth US$26 million to the UAE, mainly inorganic chemicals, paper and paper products, tobacco and garments.
Imports from the UAE totalled US$69 million and include books and newspapers, plastic products, animal feed, crude oil, lubricating oil, engine oil, mechanical equipment, tobacco and synthetic fibres.
In investment cooperation, the Lao government has set up a committee to consider investment proposals from UAE companies, with the aim of encouraging investment in various sectors.
The two sides see renewable energy, education and development, investment and other fields with potential for expanded cooperation, while continued exchanges between government agencies and the business communities of both countries are expected to help translate the proposals into concrete projects. - Vientiane Times/ANN
