Thailand, Laos target $8 bn in trade
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THAILAND AND LAOS ARE set to boost bilateral trade to US$8 billion (Bt250 billion) in the next three years, driven mainly by closer cooperation under Asean integration and the setting up of special economic zones.
According to the Thai Commerce Ministry, Thai-Laotian bilateral trade rose by 14.32 per cent year on year to Bt151 billion last year, with Thailand holding a trade surplus of Bt96 billion.
At a seminar titled “Thai-Lao SEZs: Trade, Investment, and Tourism Opportunities” organised by the Foreign Trade Department, Commerce Minister General Chatchai Sarikalya said Thailand and Laos could drive stronger trade growth under as both governments have a policy of promoting special economic zones.
He said more investment not only from Thailand and Laos, but also from foreign investors would flow into the SEZs, one of which is planned for Mukdahan province in this country.
“After the investment, more trade will be seen between each country as well as to third markets, and bilateral trade could reach $8 billion in the next three years,” Chatchai said.
At the Mukdahan SEZ, which is connected to Savannakhet province in Laos, many industries will be promoted, including processed foods and beverages, rubber, electrical appliances, alternative energy, vehicle transfers, and logistics, and there will be an agricultural-product trading centre.
In the Northeast, the government is looking at establishing SEZs in Nong Khai and Nakhon Phanom provinces.
To facilitate more connectivity, Thailand is developing road and dual-track rail projects linking Thailand to neighbouring countries, including Laos.
Chatchai said that to promote more trade and investment with Laos, the ministry would lead a group of Thai private enterprises from various sectors, mostly in consumer-goods trading and manufacturing, to visit Laos from August 26-28.
The minister to the Laotian Prime Minister’s Office, Bounpheng Mounphoxay, said her government was supporting more trade and investment growth between the two countries so that Asean will be one of the high-efficiency investment bases in the global economy.
She said that despite Laos being a landlocked nation, the country had borders with many countries.
Laos has targeted boosting its growth and the income of its people so that it will no longer be a less developed nation, she said.
