High-level delegations from Thailand’s Sakon Nakhon, Nakhon Phanom, Amnatchareun and Mukdahan provinces recently met with Savannakhet authorities to discuss cooperation in trade, investment and tourism.

The delegations informed each other about their respective socio-economic development status.

Savannakhet provincial governor Santiphab Phomvihane reported that the province’s GDP growth increased from 10 per cent in 2010 to 12.5 per cent in 2015, with annual average GDP per capita rising from US$897 in 2010 to US$1,785 last year.

Foreign investment amounted to US$5.2 billion last year, a 58 per cent increase compared to five years ago.

He said the province currently has 160 investment projects operated by companies from more than 20 countries, and numerous modern factories have set up business in the Savan-Seno special economic zone, the Dansavan border area and outside the special zone.

The value of imports and exports crossing the Savannakhet-Mukdahan Friendship Bridge reached US$1.341 billion last year while the number of tourist arrivals increased from 435,900 in 2006 to about 1 million in 2015.

Exports for the five years from 2011 to 2015 reached US$3.6 billion, and imports US$1.2 billion, while revenue collection exceeded the plan each year by 18 to 20 per cent.

Santiphab noted that cooperation in trade, investment and tourism would play a crucial role in the economic development of Savannakhet and the four provinces of Thailand as well as the two countries.

The five provinces already have a long-standing trade relationship and this meeting was an opportunity to further boost cooperation and strengthen relations between the two countries, he added.

The formation of the Asean Economic Community this year will also be a good opportunity to boost trade and investment between the two countries as well as the five provinces.

According to the Ministry of Industry and Commerce, trade between Laos and Thailand has developed over time and is continuing to grow.

In 2014 Laos and Thailand enjoyed an increase in two-way trade growth of 6.3 per cent, with the value of trade rising to US$5.44 billion.

Main imports include fuel, vehicles and spare parts, raw materials for garment production, electricity, food and drinks, electronic goods, and equipment for industrial use and agricultural purposes.

Laos’ main exports are agricultural produce such as maize and cassava, timber and wood products, electricity and minerals such as copper.

In 2015, Laos and Thailand planned to increase their two-way trade value from US$5.4 billion to US$8 billion within the next three years.

The leaders of the five provinces signed the Minutes of Understanding, agreeing to boost and strengthen economic cooperation based on the principles of fairness and benefit for each of the provinces.

They agreed to exchange technical teams and promote activities relating to trade and investment, tourism and culture, and any other areas of mutual interest.