Govt sets sights on economic diplomacy to boost trade, investment

The Ministry of Foreign Affairs’ Department of Economy is turning to economic diplomacy to boost international economic and trade relations and last Friday convened a high-level meeting aimed at enhancing trade, investment, and tourism through international cooperation.

Deputy Prime Minister and Minister of Foreign Affairs, Mr Saleumxay Kommasith, addresses a meeting at the National Convention Centre last Friday.

The meeting, which took place at the National Convention Centre, was presided over by Deputy Prime Minister and Minister of Foreign Affairs, Mr Saleumxay Kommasith.
Those attending the event included ambassadors, diplomats, leaders of international organisations and financial institutions, and delegates from various public and private sectors.
Discussions focused on the need to disseminate key information about Laos’ favourable trade and investment policies, with a special emphasis on attracting foreign investors.
Economic diplomacy refers to the strategies and tactics used by governments to promote national economic interests, such as increasing trade, attracting foreign investment, and negotiating bilateral and multilateral trade agreements.
Speaking at the meeting, the Deputy Prime Minister underscored the significance of economic diplomacy in fortifying the national and international economic landscape, aiming to elevate trade cooperation and global integration.
Mr Saleumxay said the meeting marked the start of Laos’ journey towards implementing the government’s economic diplomacy strategy.
“This strategy aims to channel investment, trade, and tourism promotion through diplomatic avenues, enhancing global awareness and understanding of what Laos can offer,” he said.
Highlighting Laos’ economic potential, Minister of Planning and Investment Mr Khamjane Vongphosy said more than US$463 billion has been invested in Laos, with China investing the most, followed by Thailand, Vietnam and Malaysia. Key investment sectors include electricity, mining, services, and agriculture.
The meeting concluded with a brainstorming session to explore opportunities for leveraging Laos’ regional and international cooperation potential for its socio-economic development.
The active pursuit of economic diplomacy is now a government priority, with a collective aim to execute it with greater efficiency and effectiveness in the years to come, participants agreed.

By Times Reporters
 (Latest Update April 8, 2024)