Malaysia has pledged its support to enhance industrial and commercial standards in Laos to promote trade between the two nations.
This commitment was reiterated during a meeting in Vientiane on 28 May between Malaysia’s Deputy Minister of Investment, Trade, and Industry, Liew Chin Tong, and Malaysian Ambassador to Laos, Edi Irwan Mahmud, with the Lao Minister of Industry and Commerce, Malaythong Kommasith, according to Lao state media.
Malaysia agreed to help Laos elevate its commercial and industrial practices through the Standard and Industrial Research Institute of Malaysia (SIRIM Berhad). This initiative is part of the Regional Comprehensive Economic Partnership (RCEP) and bilateral cooperation between the two countries.
The move aims to bolster support by enhancing the capacity of Lao technicians and young officials and by establishing technical coordination points for industrial and trading principles.
During the meeting, both sides discussed creating a strategic cooperation plan to strengthen guidelines and measurement efforts. The two parties also considered drafting a memorandum of understanding (MoU) to formalize this cooperation, focusing on technical upgrades, capacity building, technical upgrades, and sharing information on industrial benchmarks.
Additionally, plans were also discussed for developing a quality-measurement database system, transitioning it to a digital format, providing training to enhance database management, and organizing educational tours to share insights into administrative management, inspection management, and product quality assurance.
Malaysia has supported Laos in its role as the chair of ASEAN this year. Notably, bilateral trade and investment between the two countries have been on the rise, with two-way trade reaching USD 241.7 million in 2022.
Malaysia’s investments in Laos span various sectors, including energy, wood processing, construction, finance, banking, hospitality, mining, and agriculture. This makes Malaysia the fifth largest foreign investor in Laos.
While China, Thailand, and Vietnam continue to play dominant roles in trade and investment in Laos, Malaysia, along with South Korea, France, Hong Kong, and the Netherlands, is becoming more active in the region.
