Thailand sets target of bilateral trade with Laos to 8 billion dollars in 3 years’ time

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BANGKOK, 10 August 2015 – Thailand and Laos have held a seminar on the setting up of a special economic zone in a bid to inform businessmen from both countries of new trade opportunities.

According to Commerce Minister Chatchai Sarikulya, he believed the two countries’ bilateral trade could reach 8 billion US dollars during the next three years. Last year, Thailand was Laos’s biggest trade partner, while Laos ranked No.21 among Thailand’s global trade partners, and No.7 in Asean. During the 2009-13 period, bilateral trade between Thailand and Laos accounted for $3.76 billion a year on average.

Thailand has set up a total of 10 special economic zones across the country. The special zone bordering Laos is in Mukdaharn, which specializes in processed food, para rubber and electronic parts.

The minister’s Laotian counterpart has pledged to work with Thailand to push for more investments within the ASEAN region. Laos aims to foster trade and investment ties and create transport links with neighbouring countries in a bid to boost the economy in the region. Both countries hope ASEAN will be Asia’s next major investment hub.