Bangkok Bank to finance Thai businesses in Laos
Bangkok Bank to finance Thai businesses in Laos
Bangkok Bank, a major Thai commercial bank, has expressed confidence in investing in Laos, saying the country's economy is experiencing continuous rapid growth.
The bank yesterday led 82 Thai small and medium enterprises from its Bualuang Club to explore business and investment opportunities in Vientiane this week, as part of efforts to expand financial services in Laos.
According to a press release from the bank, the Bualuang Club comprises small and medium enterprise owners, who have received training from the bank on how to run a professional business. The bank will provide financial support to them if they can find investment opportunities in Laos.
The bank hopes it will be able to expand its financial services in Laos if club members can identify investment opportunities and decide to set up a business here.
Speaking at the opening ceremony of the Seminar on Trade and Investment Opportunities in Laos, Bangkok Bank's Board of Executive Directors Chairman, Mr Kosit Panpiemras, said Thai business operators should see greater business and investment opportunities in Laos. Laos and Thailand not only share a border but also a culture, making communication easier.
He also said Laos would become the region's future logistics hub because the country has roads connecting to Vietnam and China, which are both significant emerging economies.
Thai ambassador to Laos Mr Vitavas Srivihok said Thais should consider investment in the tourism and services sectors, adding that many roads connecting to Vietnam and China are still without petrol stations and restaurants.
He also said the Lao government sought to promote foreign investment as part of efforts to boost economic growth and poverty reduction, adding that investors who set up business in remote areas would get higher investment incentives than in urban areas.
Mr Vitavas also said that Thai business operators should study Lao laws and culture before deciding to invest here, adding that political stability is one of the key investment attractions.
He said Thai business operators should observe Lao culture so that they would act respectfully while doing business here.
After attending the seminar, the Thai group will meet with Lao business counterparts to discuss opportunities for business cooperation and joint investment.
Bangkok Bank expressed co nfidence that Laos will be able to welcome more Thai businesspeople. The bank also expressed optimism that Thai businesses would benefit from investment in Laos once the Asean Economic Community comes into effect in 2015.
vientiane times
