Philippines agrees to boost investment in Laos

The Philippines and Laos have signed an agreement hoping to boost the minuscule trade between them and encourage their first investment links.

A Philippines government statement said the accord aims to encourage Philippine investment in areas such as copper mining.
"We are the bigger and richer country so they are inviting us to invest," Philippine Trade Secretary Peter Favila was quoted as saying.

The accord was struck during the first official visit to the Philippines by Bouasone Bouphavanh since becoming Prime Minister of Laos last year.

In 2005-2006, Laos imported only $US1.17 million of goods from the Philippines.

The Philippines has imported nothing from Laos in the past two years.