The new Thai Prime Minister at the time, Chatichai Choonhavan, expressed a vision 'to turn Indochina from a battlefield into a marketplace'. Since then, strong ties have been rebuilt and the common cosmology of the two countries has been brought forward to cement the relationship. The new era of friendship has been blessed by several visits to Laos by members of the Thai royal family, culminating in the visit of the King in connection with the opening of the Friendship Bridge over the Mekong in April 1994. Today, Thailand constitutes the cornerstone of Laos' foreign economic relations. Thailand is the most important trading partner and in 1993 accounted for more than one third of all foreign investment.
Thai capital looms large in banking and manufacture.
According to a diplomat in Vientiane, the regulations for foreign banks are so demanding that 'only the Thai can find a way around them'. The Bangcak Petroleum Company has taken over one third of the petrol stations in Vientiane. The Laos Beer Company, the country's only beer producer, was established in 1993 as a joint venture between the Laotian Government and Loxley Plc of Thailand. Thai capital also has a strong influence in the telecommunications sector. In 1993, a USD 63 million contract was signed between the Laotian government and Thailand's Shinawatra Computer and Communications Ltd. for the construction and improvement of public radio and television broadcasting services.