The Development Bank of Belarus and the Ministry of Finance of Laos have signed a credit agreement to facilitate export supplies, BelTA learned from the press service of the Development Bank.
The bank noted that Belarus is consistently expanding its economic presence in Southeast Asia, focusing on strengthening ties with friendly countries in the region. One such country is the Lao People’s Democratic Republic. “Despite the geographical distance, the two countries are showing growing interest in deepening bilateral cooperation, translating political dialogue into concrete financial and industrial projects,” the press service said.
A delegation from the Lao People’s Democratic Republic led by Lao Deputy Prime Minister and Minister of Finance Santiphab Phomvihane is visiting Minsk. The visit was organized at the initiative of the Development Bank and is aimed at increasing Belarusian exports to Laos and implementing other joint projects.
On 1 September, on the sidelines of the SCO summit in Bishkek, Belarusian President Aleksandr Lukashenko met with Lao President Thongloun Sisoulith. The heads of state discussed cooperation in mineral extraction, the establishment of joint machine-building facilities, food production, and technology exchange. “I think we need to step up cooperation between the two countries. We have a lot to offer your country, especially at this stage of its development,” the Belarusian leader said.
Just hours after the high-level talks in Bishkek concluded, the foreign delegation met with Belarusian Deputy Prime Minister Viktor Karankevich in Minsk. The meeting was also attended by Chairman of the Board of the Development Bank Sergei Stolyarchuk, who heads the Belarusian part of the joint commission on bilateral cooperation between Belarus and Laos. The sides discussed the current state and prospects of bilateral trade and economic cooperation, the implementation of previously reached agreements, new areas of cooperation in industry, agriculture, and finance.
Credit and financial cooperation is also set to become a key element in strengthening economic ties. Immediately after the business meeting, the foreign delegation went to the Development Bank to discuss these issues. During talks with the bank’s officials, the sides examined the mechanisms for supporting exports and implementing joint projects. “Our goal is to do everything possible to turn the agreements reached at the highest level into reality. Therefore, we regard your visit as an important step towards building a long-term and mutually beneficial framework for bilateral economic relations,” Sergei Stolyarchuk said.
He expressed readiness to provide the partners with loans on preferential terms to purchase Belarusian goods and urged his foreign counterparts to make active use of this opportunity. “Having experience of cooperation with several dozen foreign countries, I can assure you that the bank’s export support is effective both for businesses in your country and for its development. For example, with Latin American countries, just a couple of years ago we started with small pilot projects to supply machinery, while today we have substantial contracts in several sectors and are discussing the export of Belarusian technologies in concrete terms,” Sergei Stolyarchuk emphasized.
He added that the partners could confidently count on the Development Bank in implementing any initiative that would benefit both countries.
In turn, Santiphab Phomvihane thanked the Development Bank of Belarus for the invitation and the opportunity to personally learn about the country’s potential. “We know that you have extensive experience in financial support for trade and economic projects. Therefore, we will seek to ensure that new mutually beneficial projects are always at the heart of cooperation between our countries,” he said.
The talks resulted in the signing of an agreement designed to create a financial foundation for intensifying bilateral business ties and implementing joint initiatives. The two countries already have a number of potential projects involving supplies of Belarusian machinery, powdered milk, and medicines.
“By signing the agreement, we have completed the creation of the infrastructure needed to implement joint initiatives. Now it is time to move on to specific projects. In my view, the next logical step would be for a delegation of government agencies of Laos and business representatives to visit Belarus to see firsthand the country’s potential in industry, agriculture, science, education, and services and move on to discussing specific projects,” Sergei Stolyarchuk stressed.
