“Hungary and Laos have agreed to launch a new tied aid loan program, according to which Hungarian enterprises will be realising one hundred million U.S. dollars in investment in the Southeast Asian country”, Minister of Foreign Affairs and Trade Péter Szijjártó announced at a press conference in Vientiane on Friday following a meeting with Laotian Foreign Minister Saleumxay Kommasith.

He announced that Hungary is opening a consular representation in Vientiane on Friday. The Minister held bilateral talk in the Laotian capital, including with Prime Minister Thongloun Sisoulith. At the press conference, the Hungarian Foreign Minister said investment projects will be occurring within three field within the framework of the new program: Hungarian companies will be constructing hospitals, developing the Laotian national statistical system, and digitalising postal services. In view of the fact that Laos is facing major water management challenges, Hungary will also be providing support within this field and becoming involved in the training of flood management experts from Laos’s most flood-affected province. The two countries’ foreign ministers have already met ten times over the course of the past four years, which according to Mr. Szijjártó clearly indicates the importance that Hungary is affording to its relations with Laos.

The Minister drew attention to the fat that in recent years Hungarian enterprises have played a very important role in the development of Laotian agriculture, water management and electronic public administration, and are currently realising some 160 million dollars of investment in the country: they are constructing animal husbandry units at a cost of 35 million dollars, are modernising the capital’s wastewater network within the framework of a 100-million-dollar project, and are currently realising a 25-million-dollar project to develop Laos’s population registration system. “The goal is for as many Hungarian enterprises as possible to acquire market opportunities in Laos, which has three main prerequisites. The financial conditions are given in view of the fact that Eximbank is financing investments in Laos on the part of Hungarian enterprises. The legal conditions will also be given in view of the fact that an agreement has been reached concerning the commencement of talks on an investment protection agreement. And the third condition will be given beginning today, since we will be opening Hungary’s consular representation in Vientiane today, meaning Hungary will have a personal presence here in Laos”, Mr. Szijjártó stated. “The bilateral scholarship agreement between the two countries, according to which one hundred students from Laos will be afforded the opportunity to attend Hungarian universities each year, is also a strong link between the two countries”, the Minister declared. “On Friday, we agreed that Hungary will also be receiving Laotian students for courses in agriculture and environmental protection”, he added.

(Ministry of Foreign Affairs and Trade / MTI)