Trade With Laos Key to Growing Relations

Trade With Laos Key to Growing Relations

Ministry of Commerce spokesman Seang Thay said on Tuesday the Kingdom is seeking to boost trade with Laos and develop relations into a strategic partnership.

Prime Minister Hun Sen and Lao President Bounnhang Vorachith met on Sunday when the latter pushed for a boost in trade to transform relations into a strategic partnership.

Hun Sen agreed that to improve the relationship between the two countries, there is a need for more effort to raise trade volumes for the development of both nations.

Thay told the Post on Tuesday that both countries still have more room to grow in regards to promoting trade and investment, especially to realize the commitment made by the two leaders to boost bilateral trade.

“Our trade volume is still relatively low due to us having nearly the same production base. However, with the strong commitment of our two leaders, both countries can do some trade activities together and exchange trade visits of businessmen to learn from each other so that we can seize opportunities to boost trade and investment,” he said.

Data from the Ministry of Commerce showed that trade between the countries reached more than $10 million last year, an increase of more than 11 percent.

Cambodia’s total exports to Laos was worth $2.456 million last year, a sharp decrease of more than 66 percent, while imports from Laos sharply rose by 349 percent to $7.609 million.

Phnom Penh Post