Laos welcomes Indian investment in small-scale hydropower
Laos welcomes Indian investment in small-scale hydropower
The government is encouraging more Indian businesses to trade and invest in Laos, especially in the area of small-scale hydropower.
The interest was reported on yesterday at the Indian-Laos Business Seminar on Trade and Investment Opportunities in Laos with Business to Business Networking, held in Vientiane.
“It's a great time for you to come to Vientiane because the Lao economy is growing at a rate of about 8 percent annually. Some of you have been to Laos before and already know that we have a lot of infrastructure. Vientiane has many more vehicles now and it's evident that people are developing a strong work ethic, which shows that this is the right time to look for opportunities in investment and trade. Laos has improved its business environment and the number of investments has risen markedly,” Vice President of the Lao National Chamber of Commerce and Industry (LNCCI), Mr Oudet Souvannavong, said at the seminar.
He said the objective of the event was to enable potential investors from India to network with Lao business operators and to receive information on the current investment climate in Laos.
India already has substantial investments in Laos, but it is hoped that more Indian companies will invest in areas of potential. The Federation of Indian Chamber of Commerce and Industry (FICCI), which represents Indian commercial interests, is particularly interested in the education and agriculture sectors.
There is already Indian investment in mining, industrial crop plantations, manufacturing, trade and pharmaceuticals.
Mr Oudet said Laos is also interested in capitalising on its potential for hydropower development. India is very well known for its small-scale hydropower and Laos would like Indian businesses to invest in this sector. Laos not only sells electricity to other countries but also uses it for its domestic grid due to the growing demand for energy.
After the seminar Laos aims for continuity in exchanges with the FICCI, so it is hoped there will be follow-up visits from Lao businessmen to India, with visits to take place at least once a year, Mr Oudet said.
The seminar was organised by the FICCI and the Indian Chamber of Commerce, Laos (INCHAM) in partnership with the Embassy of India to Laos and the support of the LNCCI.
Minister of Commerce and Industry Dr Nam Vinhaket, INCHAM President Mr Habib Mohammed Chowdhury, FICCI Assistant Secretary General Mr Manish Singhal, Indian Ambassador to Laos Mr C. Guraraj Rao, and Deputy Minister of Education and Sports Ms Sendeuane Lachanthaboune also attended the event.
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