VIENTIANE - Laos and Cambodia have agreed to strengthen cooperation and friendship ties with the aim of developing relationships and deepening mutually beneficial cooperation, as well as promoting advantageous commercial and industrial interests.
A memorandum of understanding was signed in Vientiane yesterday during the Asean Business and Investment Summit by Lao National Chamber of Commerce and Industry (LNCCI) president Oudet Souvannavong and Cambodian Chamber of Commerce and Industry (CCC) president Neak Oknha Kith Meng.
The event was attended by Lao Minister of Industry and Commerce Khemmani Pholsena and business representatives from Laos and Cambodia.
The objective is to establish a general cooperation framework between the LNCCI and CCC to promote economic relations between Laos and Cambodia, according to the agreement, as well as to boost trade and investment.
The two parties will agree to provide advice and assistance in the organisation of business delegation exchanges between Laos and Cambodia by holding symposiums, conferences, trade missions and other events to familiarise business circles with the economy and export capacities of the two countries.
The parties will agree to regularly exchange market information, business opportunities and economic delegations including information on companies and foreign trade organisations for promotion among entrepreneurs and organisations in terms of membership.
The relationship and cooperation between Laos and Cambodia have continued to strengthen but investment between the two countries is quite small compared to that between some other Asean countries.
Trade between Laos and Cambodia last year reached US$24.5 million (Bt851 billion), while total investment in Laos by Cambodia was valued at about $84 million