Prime Minister Thongloun Sisoulith will lead a Lao delegation to attend the 9th Cambodia-Laos-Vietnam (CLV) Development Triangle Area Summit, taking place from November 22-24 in Siem Reap, Cambodia.
The participation of Mr Thongloun and his delegation is in response to an invitation from Cambodian Prime Minister Hun Sen, according to the Ministry of Foreign Affairs.
During the summit, leaders will take the opportunity to discuss progress in implementing the master plan on socio-economic development for the triangle development area until 2020.
The three countries will hold talks about the MoU on special preferential policies for the CLV Development Triangle Area, signed during the 8th Cambodia-Laos-Vietnam Development Triangle Area Summit, held in Laos in 2014.
The leaders will also discuss results achieved, especially in infrastructure development; promoting trade, investment and tourism between the three countries; encourage young people’s participation in the Development Triangle Area; and security cooperation, to ensure a secure and stable environment in the region.
The CLV Development Triangle Area, established in 1999, aims to strengthen and promote comprehensive economic cooperation and good friendship between the CLV countries.
Since then, the Development Triangle Area has contributed to political and social security on the borders of the three countries. Border trade has grown and trade regulations and procedures have been simplified.
As of 2013, the average GDP in the Development Triangle Area had grown 10 percent annually and GDP per capita was US$1,340.
The Development Triangle Area covers four Cambodian provinces (Ratanakiri, Stung Treng, Mondulkiri and Kratie), four Lao provinces (Attapeu, Saravan, Xekong and Champassak), and five Vietnamese provinces (Kon Tum, Gia Lai, Dak Lak, Dak Nong and Binh Phuoc).
Laos and Vietnam realised the target of achieving a two-way trade volume of US$2 billion in 2015 compared to an estimated US$1.5 billion this year.
Laos and Cambodia agreed to promote investment and trade cooperation between their neighbouring provinces after the value of bilateral trade reached US$24.5 million last year.
Source: Vientiane Times