Latest news with #SaleumxayKommasith
The Star
7 days ago
- Business
- The Star
Laos and Australia deepen investment and development ties
VIENTIANE: Laos and Australia are stepping up efforts and reaffirming their commitment to boost trade, investment, and sustainable development, with several Australian companies already having a strong presence in Laos. Deputy Prime Minister and President of the Board of Investment, Saleumxay Kommasith, met Australian Ambassador to Laos, Megan Jones, on Tuesday (July 22) to discuss the growing commercial partnership, according to the Australian Embassy. The meeting focused on opportunities under 'Invested: Australia's Southeast Asia Economic Strategy to 2040', which outlines key sectors for investment in Laos. 'Under Invested we have identified three key sectors as areas with the most opportunities for Australian investment: agriculture, green energy, and resources,' Ambassador Jones said. Trade and investment between the two nations have seen solid progress in recent years, driven by long-term cooperation and new initiatives. In June, the two governments launched the Laos-Australia Investment Facilitation and Transformation for Economic Resilience (LIFT 4 Laos) programme. It is designed to help Laos attract high-quality foreign investment, boost sustainable growth, and improve resilience to economic shocks. Australian businesses are already making a visible impact on the ground. In March, Australia's largest horticulture company, Costa Group, began developing a blueberry farm in Champasak province, which is expected to create more than 2,000 jobs. Earlier this year, Sydney-based asset manager New Forests acquired a majority stake in Burapha Agro-Forestry. The company's focus on reforestation and carbon credit generation supports both environmental goals and local development. In the logistics sector, Linfox signed a contract in 2024 with Carlsberg/Lao Brewery Company to transport products in Huaphan, Phongsaly and Vientiane provinces. This followed an earlier deal in July to provide forklifts to the company's warehouses. Australia has also maintained a long-standing presence in the mining sector. Australian Laboratory Services, known for its geochemical testing expertise, is celebrating 30 years of operations in Laos this year. Agriculture remains a strong pillar of cooperation, with the Australian Centre for International Agricultural Research supporting Laos for more than 35 years through research and capacity-building projects. The Laos-Australia Sustainable Energy Partnership is also moving forward, with Phase 2 of the programme scheduled to begin in 2026. Last year, Laos' Prime Minister Dr Sonexay Siphandone and the Prime Minister of Australia, Anthony Albanese, signed an agreement to elevate bilateral ties to a Comprehensive Partnership. This agreement reflects growing cooperation in foreign policy, education, infrastructure, health, security, economics, and development. Australia and Laos have shared diplomatic ties since the 1950s, building a relationship that both sides continue to value and strengthen. During the meeting, Ambassador Jones congratulated Saleumxay on his new role, saying his leadership would play a key part in driving economic cooperation. Looking ahead, AustCham Lao, the Australian Chamber of Commerce in Laos, will mark its 20th anniversary in 2025. It is the country's oldest foreign chamber and represents a broad network of businesses operating in Laos or trading with Australia. - Vientiane Times/ANN
The Star
11-07-2025
- Business
- The Star
Laos and Vietnam agree to deepen bilateral ties
Saleumxay Kommasith (right) welcoming Nguyen Chi Dung. - VT VIENTIANE: Laos and Vietnam have agreed to step up joint efforts in key areas of cooperation, laying the groundwork for stronger political and economic ties in the years ahead. The agreement was made during an official visit by Vietnam's Deputy Prime Minister Nguyen Chi Dung to Laos from July 9-11, during which he met with Lao leaders and held talks. As part of the visit, the two countries signed a revised protocol on electricity and coal trade, reaffirming their strategic partnership in the energy sector. Deputy PM Dung and his Lao counterpart Saleumxay Kommasith witnessed the signing of the protocol and held talks, pledging to accelerate uncompleted cooperation projects, the Lao Ministry of Foreign Affairs said in a press release. The two sides will work together to realise infrastructure projects, including the construction of the planned Vientiane-Hanoi expressway, and other cooperation projects. Looking ahead, the two leaders pledged to prepare a new Laos-Vietnam cooperation agreement for 2026–2030 and to coordinate major diplomatic events and joint celebrations. The Deputy Prime Ministers reviewed the progress made in strengthening political relations, as well as cooperation in defence and security. They also highlighted growing collaboration in education, human resource development, and trade. In addition, they assessed the implementation of joint investment projects and the grant aid provided to Laos by the Vietnamese Party and state. Deputy PM Dung paid courtesy visits to President Thongloun Sisoulith and Prime Minister Sonexay Siphandone on Wednesday, aimed at further deepening the longstanding friendly relations, special solidarity and comprehensive cooperation between Laos and Vietnam. Prime Minister Sonexay proposed that both sides continue to support ongoing and pending projects to ensure their timely and successful completion. The two countries should continue to strengthen cooperation in national defence and security, economic development, and the energy sector, by fulfilling cooperation agreements to ensure they are effective and appropriate, he said. Prime Minister Sonexay called for enhanced trade and investment cooperation over the next five years to promote economic integration. He also underscored the need to maintain reciprocal visits at all levels of government as part of continuing efforts to deepen ties. - Vientiane Times/ANN
The Star
02-07-2025
- Business
- The Star
Laos makes global call for stronger domestic resource mobilisation
Deputy Prime Minister Saleumxay Kommasith addresses the 4th International Conference on Financing for Development in Seville, Spain. VIENTIANE: The government has called for greater efforts to strengthen domestic resource mobilisation as a key step towards achieving sustainable development and reducing reliance on foreign aid. Speaking at the 4th International Conference on Financing for Development in Seville, Spain, taking place from June 30 to July 3, Deputy Prime Minister Saleumxay Kommasith said Laos is reforming its public finance system and increasing tax collection through digital technology, human resource development, and improved budget management. The government has set an ambitious target to raise tax revenue to 20 percent of gross domestic product by 2030. In the first six months of this year, tax collection rose by 4.3 percent and accounted for 11.7 percent of GDP, according to a report presented at the National Assembly's recent ordinary session. During the conference, Saleumxay addressed a high-level roundtable meeting on domestic resource mobilisation and allocation. He said that for least developed countries such as Laos, building effective tax systems is vital to meeting national development needs and reducing reliance on external loans and grants. He urged development partners and the international community to provide greater financial and technical support, including help to strengthen human resources and international tax cooperation, to enhance domestic financing capacity. The deputy prime minister also spoke during the conference's general debate, delivering remarks on behalf of Asean and Laos. He expressed strong support for the adoption of the Seville Commitment, the final outcome document of the conference, which lays out shared goals to close financing gaps, tackle inequality, and drive progress towards the 2030 Sustainable Development Agenda. Saleumxay reaffirmed Asean's priorities in building future-ready economies through inclusive participation and sustainability, upholding multilateral trade under World Trade Organisation rules, and advancing regional industrial development and energy connectivity. He highlighted Laos' ongoing efforts to graduate from Least Developed Country status and pursue closer integration with the regional and global economy. Laos is aligning its national strategies with international development goals, he said, and called for continued support from global partners to ensure long-term progress. The conference brings together leaders and representatives from 179 countries. Previous meetings took place in Mexico in 2002, Qatar in 2008, and Ethiopia in 2015. The opening ceremony on June 30 was graced by His Majesty King Felipe VI of Spain, who delivered an address. The meeting then continued under the co-chairmanship of Spain's Prime Minister, Pedro Sanchez, and United Nations Secretary-General Antonio Guterres. The Seville Commitment was officially adopted and will serve as a roadmap for future international cooperation in financing sustainable development. - Vientiane Times/ANN
The Star
07-06-2025
- Business
- The Star
New Lao-Thai friendship bridge to enhance trade and connectivity, say top officials
Image from The Nation Thailand/Asia News Network VIENTIANE (Bernama-Xinhua): The fifth Lao-Thai Friendship Bridge, linking Bolikhamxay province in Laos to Thailand's northeastern province of Bueng Kan, is set to open in December 2025, enhancing regional and international connectivity while fostering trade, investment, tourism, and people-to-people exchanges between the two countries.. A concrete-pouring ceremony of the fifth Lao-Thai Friendship Bridge was held on Friday in Bolikhamxay province, attended by Lao Deputy Prime Minister Saleumxay Kommasith, Thai Deputy Prime Minister and Minister of Transport Suriya Jungrungreangkit, and officials from both countries. The project is an important part of Lao's sustainable growth plan and will help the country improve infrastructure and become better connected regionally and internationally, according to a Lao Economic Daily report on Saturday. The 1,350-metre bridge marks a major step in bilateral cooperation, with 98.4 per cent of construction on the Lao side and all approach roads and immigration facilities completed. The bridge is expected to cut travel time between the two provinces by up to three hours, boosting trade and tourism. Following earlier crossings that handle over 5 million vehicles annually, the new bridge is projected to start with 1,200 vehicles per day, increasing to 3,000 within five years. - Bernama-Xinhua
The Sun
07-06-2025
- Business
- The Sun
New Lao-Thai friendship bridge to enhance trade, connectivity
VIENTIANE: The fifth Lao-Thai Friendship Bridge, linking Bolikhamxay province in Laos to Thailand's northeastern province of Bueng Kan, is set to open in December 2025, enhancing regional and international connectivity while fostering trade, investment, tourism, and people-to-people exchanges between the two countries, reported Xinhua. A concrete-pouring ceremony of the fifth Lao-Thai Friendship Bridge was held on Friday in Bolikhamxay province, attended by Lao Deputy Prime Minister Saleumxay Kommasith, Thai Deputy Prime Minister and Minister of Transport Suriya Jungrungreangkit, and officials from both countries. The project is an important part of Lao's sustainable growth plan and will help the country improve infrastructure and become better connected regionally and internationally, according to a Lao Economic Daily report on Saturday. The 1,350-metre bridge marks a major step in bilateral cooperation, with 98.4 per cent of construction on the Lao side and all approach roads and immigration facilities completed. The bridge is expected to cut travel time between the two provinces by up to three hours, boosting trade and tourism. Following earlier crossings that handle over 5 million vehicles annually, the new bridge is projected to start with 1,200 vehicles per day, increasing to 3,000 within five years.
