Source:Xinhua Published: 2012-11-5 16:24:41
Indonesia needs to boost its trade with Laos as it has increased slightly and as its exports from Laos has grown negatively, Indonesia's national news agency reported here.
"Indonesia's imports from Laos grew negatively by 5.53 percent in the same period worth $1.3 million in 2011 so Indonesia enjoyed a surplus of $7.3 million last year," Indonesian Trade Minister Gita Wiryawan was quoted by Antara news agency as saying.
Indonesia's exports to Laos rose 22.19 percent from 2007 to 2011 reaching US$8.6 million in 2011, adding there was still room for increasing the two countries` trade, Gita said on Sunday after accompanying President Susilo Bambang Yudhoyono in a meeting with Laos prime minister.
Meantime, the director general of international trade cooperation, Iman Pambagyo, said that Indonesia's service sector had started entering Laos, the value is still small" though.
He said Indonesia has potential to export food and beverage products, motor vehicles and their parts, medicines as well as agricultural machinery to Laos.
The economy of Laos is dominated by agriculture, contributing around 51 percent of that country's Gross Domestic Product and absorbing 80 percent of that country's workforce.
Laos produces copper, tin, gold and gypsum mining besides other commodities and sectors such as forestry, electricity, construction, garment, cement and tourism.
President Yudhoyono and a number of cabinet ministers were in Vientiane to attend the 9th Asia-Europe Summit (ASEM) from November 5 to 6.
Among crucial issues to discuss are of political and security matters, economic and financial as well as global and regional issues.