June 11, 2007
Philippines agree to boost investment in Laos
The Philippines and Laos have signed an agreement hoping to boost the
minuscule trade between them and encourage their first investment links.
A Philippines government statement said the accord aims to encourage
Philippine investment in areas such as copper mining.
"We are the bigger and richer country so they are inviting us to invest,"
Philippine Trade Secretary Peter Favila was quoted as saying. The accord
was struck during the first official visit to the Philippines by Bouasone
Bouphavanh since becoming Prime Minister of Laos last year.
In 2005-2006, Laos imported only $US1.17 million of goods from the
Philippines. The Philippines has imported nothing from Laos in the past
two years. Radio Australia