Philippines investors eye business opportunities in Laos
Philippines investors eye business opportunities in Laos
Business executives from the Philippines have been exploring trade and investment opportunities in Laos ahead of the soon to be established Asean Economic Community.
A Philippines business delegation visited Vientiane on July 7-10 as part of an outbound business mission organised by the Embassy of the Philippines to Laos, in coordination with the Philippines Department of Trade and Industry, a press release from the embassy said.
The business executives met with Lao entrepreneurs and officials in charge of trade and investment at a Business Matching/Networking Session on July 9 to discuss trade and investment opportunities.
In her remarks, Philippines Ambassador to Laos Maria Lumen B. Isleta called on business representatives of both sides to actively explore partnerships and ventures, especially as the Asean Economic Community nears realisation.
She noted the great economic strides that Laos and the Philippines have been achieving. The positive prospects for growth for both countries also provide an environment conducive to greater trade and investment partnerships.
Deputy Director General of the Investment Promotion Department of the Lao Ministry of Planning and Investment, Mr Outakeo Keodouangsinh, discussed the competitive advantages of investing in Laos, the sectors for best investment opportunities, and the foreign investment law and incentives that have made it easier and more attractive for business operators to invest in Laos.
He informed the Philippines business operators of the central location of Laos in the Greater Mekong Sub-region and the larger market that can be reached by investing in Laos, the press release said.
Presentations on doing business in Laos by officials from relevant ministries and the Lao National Chamber of Commerce and Industry, and the Philippines commercial counselor's office, were followed by networking sessions which allowed Lao business operators to confer with the Philippines visitors representing various manufacturing and service industries.
The business mission is the second for the Philippines since July 2010. It comes just two months after an official visit to the Philippines by Prime Minister Thongsing Thammavong.
During the Lao premier's visit, a large delegation of Lao business operators who had accompanied the Prime Minister to the Philippines took the opportunity to sign a cooperation agreement between the Lao and Philippines national chambers of commerce and industry. This paved the way for the establishment of bilateral business councils in Manila and Vientiane.
Chairman of the Lao–Philippines Business Council, Mr Daovone Panchanthavong, also attended the networking session.
vientiane times
