Hungary launches new investment programme in Laos

The foreign ministers of Laos, Saleumxay Kommasith (left), and Hungary, Peter Szijjarto, agreed on a new development investment programme

Hungary is launching a new aid and investment scheme in Laos after a similar programme was agreed on by both countries in November last year. The new scheme will, once again, allow a number of Hungarian companies to participate in development projects in Laos.

The projects involve the construction of hospitals, developing Laos’s national statistical system, as well as digitising its postal services with overall investments totaling about $100 million, according to Hungarian foreign minister Peter Szijjarto, who met with his Laotian counterpart, Saleumxay Kommasith, on September 11 in Vientiane.

Hungary will also contribute to the training of flood protection experts in the region often hit by floods, he added.

Hungarian companies are already playing an important role in Laotian agriculture, water management, and the development of electronic public services, Szijjarto noted. Currently, investment projects at a value of $160 million are underway in the country, namely the reconstruction of the sewage network of the capital Vientiane, which alone costs $100 million, as well as food safety programmes, including the construction of animal breeding farms, and the development of an electronic personal identity card system for the Lao population.

Hungarian consular office in Vientiane opened

Szijjarto said the aim was to help as many Hungarian companies as possible gain access to market opportunities in Laos. Hungary’s trade finance bank Eximbank is backing the investments in Laos, and an agreement has been signed on starting investment protection talks, he said, adding that Hungary has now also opened a consular office in Vientiane.

Another important link between the two countries is a bilateral scholarship agreement allowing 100 Laotian students to study in Hungary each year. It was also agreed that Hungary will welcome students from Laos for farming and environmental protection studies, Szijjarto added.

Lao foreign minister Kommasith noted that relations between Hungary and Laos “go back a long time,” and his country “has always been able to rely on Hungary as a reliable friend both in economic cooperation and in international affairs.”

The countries are celebrating the 55th anniversary of the establishment of diplomatic relations this year, and in this period, they had made “a great deal of progress in the building of relations,” he said, emphasising that education was “one of the most outstanding areas of bilateral cooperation” as several leaders now holding important positions in Laos once studied in Hungary.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

The foreign ministers of Laos, Saleumxay Kommasith (left), and Hungary, Peter Szijjarto, agreed on a new development investment programme Hungary is launching a new aid and investment scheme in Laos after a similar programme was agreed on by both countries in November last year. The new scheme will, once again, allow a number of Hungarian companies to participate in development projects in Laos. The projects involve the construction of hospitals, developing Laos’s national statistical system, as well as digitising its postal services with overall investments totaling about $100 million, according to Hungarian foreign minister Peter Szijjarto, who met with his...

The foreign ministers of Laos, Saleumxay Kommasith (left), and Hungary, Peter Szijjarto, agreed on a new development investment programme

Hungary is launching a new aid and investment scheme in Laos after a similar programme was agreed on by both countries in November last year. The new scheme will, once again, allow a number of Hungarian companies to participate in development projects in Laos.

The projects involve the construction of hospitals, developing Laos’s national statistical system, as well as digitising its postal services with overall investments totaling about $100 million, according to Hungarian foreign minister Peter Szijjarto, who met with his Laotian counterpart, Saleumxay Kommasith, on September 11 in Vientiane.

Hungary will also contribute to the training of flood protection experts in the region often hit by floods, he added.

Hungarian companies are already playing an important role in Laotian agriculture, water management, and the development of electronic public services, Szijjarto noted. Currently, investment projects at a value of $160 million are underway in the country, namely the reconstruction of the sewage network of the capital Vientiane, which alone costs $100 million, as well as food safety programmes, including the construction of animal breeding farms, and the development of an electronic personal identity card system for the Lao population.

Hungarian consular office in Vientiane opened

Szijjarto said the aim was to help as many Hungarian companies as possible gain access to market opportunities in Laos. Hungary’s trade finance bank Eximbank is backing the investments in Laos, and an agreement has been signed on starting investment protection talks, he said, adding that Hungary has now also opened a consular office in Vientiane.

Another important link between the two countries is a bilateral scholarship agreement allowing 100 Laotian students to study in Hungary each year. It was also agreed that Hungary will welcome students from Laos for farming and environmental protection studies, Szijjarto added.

Lao foreign minister Kommasith noted that relations between Hungary and Laos “go back a long time,” and his country “has always been able to rely on Hungary as a reliable friend both in economic cooperation and in international affairs.”

The countries are celebrating the 55th anniversary of the establishment of diplomatic relations this year, and in this period, they had made “a great deal of progress in the building of relations,” he said, emphasising that education was “one of the most outstanding areas of bilateral cooperation” as several leaders now holding important positions in Laos once studied in Hungary.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply