VIENTIANE – Singapore’s Foreign Minister Vivian Balakrishnan says Laos has huge economic potential despite its financial difficulties and could grow with the right infrastructure and policy framework in place. mentioned during the visit.
He told reporters on January 27 that Singapore could work closely with Laos to maximize Laos’ economic potential through education and training, and help Laos enter global markets, including by selling carbon credits. said.
Throughout the day, Dr. Balakrishnan met with Lao Prime Minister Soneksayi Siphandon, Minister of Foreign Affairs Salumxai Kommasit, and Lao People’s Revolutionary Party External Relations Committee Chairman Thonsavane Pomvihane.
Laos, one of the few remaining communist countries in the world, is currently suffering from slowing growth, rising debt and inflation that will reach an average of 31.2% by 2023.
“They’ve also been very open and candid about their financial situation, which is very tough. But they still want to move forward and they want to see opportunities,” Dr. Balakrishnan said. He told reporters about his meeting with senior leaders of Laos.
“We are now at the beginning of a new technological revolution, marked by advances in artificial intelligence, quantum computing, digitization, synthetic biology and the need for renewable energy to build a more sustainable and secure world. I’m here.”
These represent an opportunity for Laos, which has abundant supplies of renewable energy, particularly hydropower, which can be a source of carbon credits.
“As the world moves on and seeks to achieve true zero emissions targets in 2050, it will need the resources and availability that Laos can offer, especially in the area of carbon credit trading,” he said.
Laos also has large reserves of rare earths, which are needed for the electronics industry, and is a net exporter of food.
“If we once again imagine a world facing climate change, floods, droughts, and potentially food crises in the future, we will find places like this with rich land, fertile land, and agricultural productivity. “If we can increase this, it will definitely become a new food source and contribute to food security in ASEAN,” he said.
Meanwhile, Singapore needs energy, carbon credits and food, which opens up possibilities for cooperation between the two countries.