Algebra at Italy-Laos Expo
Algebra, together its strategic partner, GWA Asia, participated in the first Italy-Laos Expo which was held for the first time from March 16-18 at the National Convention Centre.
The event was jointly organized by the ITA, the Italian Trade Agency, and Prometeo, an Italian company that organizes trade events in South-East Asia. At the event participated, 54 Italian companies and nine from Laos were present.
The opening ceremony on Thursday was attended by Deputy Minister of Industry and Commerce Dr. Manothong Vongxay, Chief Consul General of Italy in Laos, Mr. Oliviero Rusconi, H.E. Oliviero Rusconi, Honorary Consul of Italy to the Lao PDR, Mis Chanthachone Vongxay, ambassadors, and guests from line ministries the private sector and business groups in Laos and Italy.
The Italy-Laos Expo aims to strengthen the two countries’ political, economic, trade, investment, and tourism relations, providing a platform for exchange and trade opportunities for businesses of the two countries with a focus on agriculture, technology and machinery, wood processing, textiles, chemicals, machinery, and food processing.
Speaking at the event, the Director General of the Trade Promotion Department. Mr Kaysomphet Norasingh, said Laos and Italy enjoy friendly relations for a long time, notably in trade, investment, tourism, public health, and education. “From 2018-2022 the value of trade between Laos and Italy exceeded US$113 million, of which exports accounted for 65 percent, totaling more than US$74 million,” he added.
Laos exports mainly clothing, shoes, coffee beans, rice, and sugar to Italy. Meanwhile, the value of imports accounted for 35 percent, totaling US$39 million. The main Italian products imported by Laos are wood and paper scraps, mechanical equipment, synthetic fibers, raw leather, and leather parts.
From 2018-2020, the volume of goods sold to Italy by Laos increased, but the arrival of the Covid-19 pandemic significantly reduced exports. The Expo is an excellent opportunity to strengthen trade between Laos and Italy and bring imports and exports to pre-Covid levels.