The agreement was reached by Lao Prime Minister Thongsing Thammavong and his Singaporean counterpart Lee Hsien Loong on Friday at the talks in Singapore.
Prime Minister Thongsing led a high-ranking delegation to Singapore for a two-day official visit at the invitation of Mr Lee. The visit also marked the 40th anniversary of diplomatic ties between the two Asean member countries.
To boost trade and business cooperation, the two countries signed the Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.
Both sides also inked a memorandum of understanding on technical and vocational training cooperation between the Lao People’s Revolutionary Youth Union and the ITE Education Service Centre of Singapore.
Prime Minister Thongsing and Prime Minister Lee agreed that Laos and Singapore will support each other in the regional and international arenas, according to the Paxason Newspaper.
Singapore agreed to extend further support and assistance to Laos in the field of human resource development, as well as the promotion of trade, investment and tourism ahead of the Asean Economic Community in 2015.
There are currently 80 Singapore investment projects in Laos, totalling more than US$149 million and making Singapore the 13th ranked foreign investors in Laos, according to the newspaper.