“Indonesia and Laos have enjoyed a good relationship since the 1950s and the brotherhood between the two nations has continuously increased over the years,” Ambassador of the Republic of Indonesia, Mr Irmawan Emir Wisnandar said on Friday.

He was speaking at the opening of the Wonderful Indonesia exhibition at the Vientiane Center shopping mall, which features exhibits from some 40 Indonesian companies over the period from May 27-29.

The event aims to showcase various Indonesian products and services, especially creating business opportunities for both Lao and Indonesian investors to exchange trade and potential business partners.

Emir Wisnandar said despite the great potential and excellent political and social relations between Laos and Indonesia, the figures on trade and investment collaboration are relatively modest and far behind expectations.

According to the Lao Ministry of Industry and Commerce, in fiscal year 2015 bilateral trade dramatically escalated to approximately US$12.1 million with exports to Indonesia at US$640,475, and imports from Indonesia at US$11.5 million.

The main products exported are agricultural and industrial products, whereas vehicle accessories, medical appliances, electronic components and construction tools are imported from Indonesia.

Mr Emir Wisnandar said the exhibition under the theme Wonderful Indonesia in Laos aims to expand cooperation and partnership among the busin ess communities of the two countries by creating opportunities to meet up, explore and build networks as well as taking advantage of any economic potentials.

The event was the first integrated promotion between Indonesia and Laos. It also offered a good opportunity for Lao craftsman and Small-Medium Enterprises to absorb knowledge from three workshops on wood carving, batik painting and spa treatment.

Deputy Minister of Industry and Commerce, Mr Somchit Inthamith said due to the international business growth and international integration, particularly for the Asean Economic Community, the event is a great chance to share related business, trade, and investment through the business matching session.

Mr Somchit said that this year, Laos had the great honour to assume the Asean Chairmanship.

The country has the potential to be a production, trade and investment centre through its land-link policy to connect with Asean member countries.

He noted that integration and connection would deepen the interaction between Asean business communities and events such as the Wonderful Indonesia exhibition would help strengthen relations and cooperation between Laos and Indonesia.

As a part of the exhibition, there are 11 Indonesian universities participating, with the education fair offering a bridge for more MOUs with local universities and the Lao Minist ry of Education and Sports in an effort to advance educational business exchanges and cooperation.