Commerce Minister Krirk-krai Jirapaet and Laos' Minister of Industry and Commerce Nam Vitaketh made the proclamation yesterday at the two-day meeting of the Joint Committee on Trade and Investment and Economic Cooperation, which ends today.

Both sides have agreed to double two-way trade to US$2.6 billion (Bt94 billion) within four years and Thailand will increase its investment in Laos from $3 billion to $5 billion.

Thailand will encourage Laos to increase its exports by threefold, including exports of electricity, while Thailand will double its exports to Laos, Krirk-krai said.

Two-way trade reached $1.3 billion last year. Thailand's exports to Laos rose by 34.14 per cent in the first 11 months this year, while exports from Laos jumped by 157.93 per cent, compared to last year.

Thai investors will also be encouraged to do more in the country since Laos has plenty of land and natural resources, while Thailand can transfer agricultural and industrial knowledge to farmers in Laos.

Krirk-krai said Laos was Thailand's closest neighbour, with many trade and investment ties, including collaborations like the Greater Mekong Subregion.

"Thailand will support Laos to develop the country, in a bid to become a World Trade Organisation member," he said, adding that Thailand will help Laos promote its One District One Product programme to accelerate community development.

The government will help Laos in various fields. For instance, the International Institute for Trade and Development will hold training courses for Laotian enterprises throughout next year, while the government will coordinate its counterpart for the institute to conduct joint research with the state-run National Economic Research Institute.

The joint-committee meeting hopes to reinforce strategic partnerships with Laos and other nations. The relationship would result in steady growth in investment and tourism between the countries and allow both nations to expand exports of goods and services to third countries.

The two nations agreed to sup-

port the setting-up of Single

Stop Inspection centres to cut

import-export costs and facilitate commerce.

Krirk-krai encouraged Thai businessmen to invest more in Laos in many sectors such as agriculture and agro-industry.

The meeting was part of Thailand's plan to promote trade growth in the Asean region, particular in the CLMV nations - Cambodia, Laos, Burma and Vietnam.

The government took about 30 businessmen to Laos to form closer cooperation.

The Commerce Ministry will lead a similar mission on January 20 to Vietnam to tighten cooperation and encourage trade expansion in the region.

Thai and Laotian business leaders agreed to organise a Thai-Lao Business Council next year.

Niyom Wairatpanij, vice chairman of the ACMES Business Council and chairman of the trade committee of the Thai Chamber of Commerce, said Laos will not only be a good trading partner, but also a strategic nation to boost Thai investment in Asean.

Laos has plenty of natural resources that can benefit Thai enterprises while Lao businessmen are welcoming Thai investors in order to help them develop their operations, he said.

Sectors that are interested in alliances with Thai enterprises include consumer goods manufacturing, agriculture and agro-industries, and furniture.

Thais and Laos share a similar culture and language, so Thais would find few obstructions in doing business in the landlocked country.

Although the government has granted tariff privileges to 300 products from Laos, it needs to reduce some non-tariff barriers and red tape to facilitate trade, Niyom added.

Petchanet Pratruangkrai

The Nation

Vientiane