Saturday, May 18, 2013

Laos, Malaysia to promote trade, investment collaboration

Malaysian and Lao business associations plan to collaborate in promoting trade and investment and to further enhance and strengthen ties for the mutual benefit of the two countries.

The Malaysian Exporters Association (MEXPA) and the Young Entrepreneur Association of Laos (YEAL) signed a memorandum of understanding for the collaboration in Vientiane yesterday.

“The MOU is a framework agreement to drive trade and investment between our two nations to greater heights,” the Malaysian Ambassador to Laos, Dato Than Tai Hing, said at the Business Meeting and MOU signing ceremony.

The MOU between the two parties and the presence of Lao National Chamber of Commerce and Industry (LNCCI) members at the ceremony reflected a firm commitment from both YEAL and the LNCCI to work together to explore business, trade and investment partnership opportunities with MEXPA members on a trade mission to Laos.

YEAL President Valy Vetsapong said the MOU was a very important milestone for YEAL and MEXPA in promoting trade and investment between Laos and Malaysia by organising an annual ‘Malaysia-Laos Business Forum', arranging appointments with government officials and the local business community, arranging business to business contacts, and developing a joint website and Facebook fan page for greater interaction between members of the two parties.

“We hope that we will be able to have joint investments in the near future,” Vetsapong said.

Participating members of MEXPA came from a diversity of business sectors ranging from mining, manufacturing, education, human resource development, construction and the service industry.

Dato Than Tai Hing said the members of MEXPA, YEAL, LNCCI and private individuals and companies who responded to advertising in the local media would be able to build friendships and establish strong partnerships that will help to increase trade and investment cooperation between Malaysia and Laos.

He said this strategic partnership will not only lead to increased bilateral trade and investment between Malaysia and Laos but also contribute towards narrowing the development gap between both countries and, within the context of Asean collaboration and solidarity, will work towards the building of the Asean Community in general and the Asean Economic Community (AEC) by 2015.

“The members of MEXPA, YEAL and LNCCI and other Lao business entities will be able to continue this cooperation for many years to come and be able to share experiences and ideas that will help to build a fast growing and sustainable economy for both nations towards the creation of the AEC,” he said.

Valy said “Laos, together with all the Asean member countries, will enter the AEC in 2015, which will present us with great opportunities and also challenges.”

“We are preparing for the many new opportunities, and signing this MOU between our two associations is one of those opportunities,” she said.

She added that in order to accelerate the transition from an MOU into a successful outcome, the two associations must work hard together and appoint a team to carry out the action plan and fully implement it.-Asia News Network

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