Laos, US enjoy closer business ties
Laos, US enjoy closer business ties
American and foreign investors see Laos as one of the attractive investment destinations in the world, the US ambassador to Laos has said.
“Investors and businessmen from around the world are turning their eyes to Laos as an emerging market. More than ever before Laos is open to business,” Ambassador Karen B. Stewart said in Vientiane on Thursday.
Ms Stewart was speaking at the American Chamber of Commerce Trade Show and Gala Dinner, which was attended by senior Lao government officials, US business operators in Laos, and diplomats.
The highlight of the dinner was the presence of Miss Laos 2012, Ms Christina Lassasimma, and Miss Minnesota USA, Ms Nitaya Panemalaythong, who is Lao-American. The presence of the two young women symbolised the new generation of Laos and the new generation of Lao-Americans, who have grown up during a time when Laos and the US are enjoying closer relations.
Ms Stewart said American companies had recognised Laos as an attractive investment destination and had decided to invest and do business here, adding that bilateral trade between the two countries had seen steady growth over the past several years.
In 2011, bilateral trade stood at US$85 million, up from US$15 million in 2005. The figure is expected to rise further thanks to the closer relations between the two nations.
The US granted Normal Trade Relations to Laos in 2004 and provided technical assistance to Laos during the country's negotiations towards membership in the World Trade Organisation. As a member of the WTO, Laos will find it easier to export goods to the US.
Ms Stewart said she was proud of the support the US had provided to the Lao government during these negotiations.
“The reforms that have been made to the legal system will, if properly implemented, greatly improve the business environment in Laos and will be crucial to Laos' ability to maintain a strong, competitive and stable economy,” she added.
Ms Stewart said the Lao Chapter of the American Chamber of Commerce was established last year to facilitate US investment in Laos. The presence of the US business representative body in Laos will boost US investment in the country.
The creation of the chamber is a milestone for US-Laos business relations. The chamber will help to open doors to businesses that are eager to invest in Laos, provide support for businesses that are already operating in Laos, and help to build strong networks between the Lao and US business communities, she said.
vientiane times
