Laos, Thailand to promote ASEAN to become world trade hub

BANGKOK, August 10 (TNA) - Laos and Thailand have agreed to join forces in promoting and supporting the Association of Southeast Asian Nations (ASEAN), in which both neighboring countries are member states, to become a regional and global trade hub in the future. Speaking at a seminar on business opportunities in Thai-Lao special border economic zone projects, held in Bangkok on Monday, visiting Lao Minister to Prime Minister’s Office Bounpheng Mounphosay, who heads the Public Administration and Civil Service Authority (PACSA), said that Laos is ready to cooperate with Thailand to promote trade and investment in the region so that ASEAN will become a highly potential area of Asian and global trade and investment in the future. The visiting Lao minister also expressed her hope that Vientiane's networking with neighboring countries should boost income of Lao citizens and her land-locked nation should leave behind the present status of being a developing country. The Lao minister's remarks were in response to Thai Commerce Minister General Chatchai Sarikulya's speech at the seminar, organized by his ministry's Department of Foreign Trade, in which he mentioned that bilateral cooperation between Vientiane and Bangkok should attract investors from other regions to the ASEAN Economic Community (AEC), set to be established by the end of this year. General Chatchai told the seminar that Thailand is opening first five special economic zones next to neighboring countries by the end of this year and expanding transport networks to support regional connectivity, pointing out that the plans, if successful, can fulfil ASEAN's goal on collective growth. General Chatchai announced that Laos and Thailand have also agreed to increase the value of bilateral trade to 8 billion US dollars over the next three years. Regarding economic development with Laos, the Thai commerce minister revealed that Thailand plans to promote food, beverage, rubber, electrical, electronic and renewable energy industries, as well as an agricultural product center in the northeastern Mukdahan Province, bordering Laos, while more special border economic development projects will be later implemented in adjacent Nong Khai and Nakhon Phanom Provinces, also bordering Laos. At the seminar, Lao and Thai authorities and business operators discussed joint special border economic zones and an ASEAN goal on becoming a regional and world trade center. Besides, participating Lao and Thai business operators were updated on progress of the Thai government's special border economic development projects, business opportunities and business promotional privileges. (TNA)