SET TO GROW

Trade between two countries expected to reach double digits this year, says Mustapa

KUALA LUMPUR

TRADE between Malaysia and Laos is expected to grow to double digits this year, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

While expressing confidence in the growth forecast, he said this was on the back of Malaysia’s trade with Laos, which was seeing an upward trend.

“Last year, total trade between our countries grew 76 per cent to US$30.9 million (RM134 million), from 2015.”

Malaysian companies were currently involved in infrastructure development and real estate, and were active in industrial parks there, he said, adding that Malaysia was one of the top four investors in Laos.

Mustapa was speaking on the sidelines of the Malaysia-Laos Business Forum here yesterday.

He said moving forward, among key areas Malaysia was targeting to boost were in the exports of products such as building materials, machinery and tools, as well as consumer and disposable medical products.

“The agriculture and tourism sectors in Laos are ripe for Malaysian companies to invest in.

“In a meeting between Prime Minister Datuk Seri Najib Razak and Laos Prime Minister Dr Thongloun Sisoulith, the latter advised Malaysian companies to explore investing in the private healthcare sector in Laos.”

Mustapa said Malaysia currently had four banks operating there, starting with Public Bank in 1996.

The other Malaysian banks are Maybank, CIMB and RHB Bank, as well as more than 25 Malaysian companies with businesses in Laos.

The forum, attended by 400 participants, was held in conjunction with the official visit of Sisoulith to Malaysia.