Lao, Russian economic cooperation bears fruit
Delegates of the two nations convened at a meeting of the Lao-Russian Intergovernmental Commission on Economic, Commercial and Scientific-Technical Cooperation in Moscow from June 18-19 to review their bilateral cooperation and enhance future collaboration.
The meeting was co-chaired by Deputy Prime Minster and Minister of Foreign Affairs Dr Thongloun Sisoulith and Head of the Russian Federal State Statistics Service Vladimir Sokolin.
In 2008, bilateral trade reached US$6.9 million, the value of Russian exports to Laos was US$5.7 million, while Lao exports to Russia amounted to US$1.2 million. According to the Lao Ministry of Foreign Affairs, in the first four months of 2009 the value of bilateral trade was US$3.8 million, a 483.4 percent rise compared to the same period in 2008. Russia is the 13th largest investor in Laos. As at the first quarter of this year, Russian investors had invested in 12 projects, with a value of US$52 million. They focused on the mining, hydropower, services, industrial and handicraft sectors.
Meanwhile, exchanges and cooperation in education, culture and the military continue to expand step by step. At the meeting, both sides discussed ways to address the remaining challenges and opportunities.
The Lao and Russian people have enjoyed a good traditional relationship and provided mutual assistance. In 2010, the people of both nations will celebrate the 50th anniversary of diplomatic relations and the 65th anniversary of victory against fascist forces. According to the Ministry, Laos is grateful for the traditional friendship, cooperation and assistance that have continued to strengthen and expand until the present day.
Prior to the meeting Dr Thongloun also met with high ranking Russian officials such as the Deputy Prime Minister and Russian Minister of Foreign Affairs. During the talks, the Lao side appreciated Russia’s contribution to projects related to ASEAN, and supported the efforts of Russia towards the establishment of an Asean-Russia Centre.
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