President Thongloun Sisoulith.

President urges Lao, Brunei businesses to form partnerships

President Thongloun Sisoulith has encouraged businesses in Laos and Brunei to strengthen their cooperation and invest in areas of high potential offered by the two countries.
The President made the call during a state visit to Brunei with his wife Naly Sisoulith and a delegation of Lao officials from October 24-26, at the invitation of His Majesty Sultan Haji Hassanal Bolkiah.
Speaking at a meeting of business leaders in Brunei on Wednesday, Mr Thongloun said trade and investment cooperation between Laos and Brunei did not match the potential offered by the two countries.
He called on the two governments to facilitate and create favourable conditions for businesspeople in Laos and Brunei to meet and discuss investment opportunities and strengthen their cooperation. 
Laos has high potential for investment in the production of agricultural goods for export, the processing industry, tourism, and clean energy, while Brunei is rich in oil and gas reserves.
The Lao president expressed his appreciation to the Lao National Chamber of Commerce and Industry and the National Chamber of Commerce and Industry of Brunei for co-hosting the business discussion.
The event was not only an opportunity for business leaders to share their experiences and discuss business openings and partnership, but also enabled the Lao government to outline its investment policy to Bruneian businesses.
President Thongloun said the forum was also an opportunity for the Lao government to learn about the aims of Brunei’s business leaders and what kinds of facilities they required when investing in a certain country.
Their recommendations could be essential for the Lao government in formulating a policy to attract more investment from Brunei.
The president also underscored the efforts made by the Lao government to revive the economy in the wake of the Covid-19 pandemic, before highlighting potential areas of interest for Brunei businesses.
During the state visit, President Thongloun and His Majesty Sultan Haji Hassanal Bolkiah witnessed the signing of two memorandums of understanding on cooperation in agriculture and energy.
President Thongloun and his delegation visited an oil and gas drilling site owned by Brunei Shell Petroleum and Brunei Liquefied Natural Gas where he was welcomed by Dato Dr Amin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II.
Laos and Brunei established diplomatic relations on July 27, 1993, and since then, the two countries have cooperated extensively in the areas of education, defence, culture, youth and sports as well as food security.

By Times Reporters
(Latest Update October 27, 2022)