Financial services and consulting group eyes business in Laos
Financial services and consulting group eyes business in Laos
International financial services and consultancy firm Anametrics Holdings Ltd is looking for opportunities to deliver its services to importers and exporters, commercial and public sectors in Laos after watching the trade value of the landlocked country boom.
Company Chairman, Dr Steven A Hensen, and a business delegation travelled to Vientiane this week to finalise business partnership with Lao businessman, Mr Bounlam Sanlath at a hotel in Vientiane to set up Anametrics Laos.
Mr Bounlam, who runs Sanlath Import and Export Trade, Agriculture Production Sole Ltd in Borikhamxay province, said he was happy to work with Anametrics chairman in Laos, calling him an active and leading international financial advisor who could provide consulting services to import and export firms in Laos to help them run their businesses professionally.
Anametrics is an international company established in the Republic of Marshall Island. The company also has an office in Bangkok and other Asean nations. It provides a wide range of financial services including consultancy for importers and exporters to obtain letters of credit (LCs).
LCs are issued by banks to allow businesses to order from goods producers. An LC from a well-known bank will boost the confidence of producers in selling to foreign partners.
Most Lao business people rely on cash instead of credit to import goods, while others seek help from business partners in countries like Thailand, Vietnam and China, causing the price of goods to increase.
If Lao businesses could obtain LCs easier they could import goods directly from the international market, removing commission fees paid to business partners and reducing prices for customers.
Dr Hensen said his company was happy to provide consulting services to Lao businesspeople who wanted to receive an LC and import goods directly from the international market.
Anametrics works in coo peration with international banks that could issue Lao businesses with an LC.
Dr Hensen said with help and advice from his company, Lao businesspeople would find it easier to access international markets.
He said his company could also provide consultancy services for foreign companies looking to obtain an LC and import goods into Laos.
He said Laos had a huge potential to produce agricultural goods for international markets thanks to its abundance of fertile land.
The country has also recently became a World Trade Organisation member, which is expected to create conditions conducive to investment in agriculture.
Dr Hensen said he saw huge business opportunities because of the rapid growth in import and export value in Laos over the past few years, brought on by the government's policy to attract domestic and foreign investment.
“Laos is one of the fastest growing countries economically and we want to be the first here,” he said.
Dr Hensen said political stability and the abundance of natural resources mad e Laos an attractive investm ent destination.
According to the International Monetary Fund (IMF), the export value of Laos was US$3.1 billion in 2011 and US$3.3 billion in 2012. That figure is expected to reach US$3.4 billion in 2013.
The country's import value was US$4.6 billion in 2011, US$6.3 billion in 2012 and is projected to reach US$6.9 billion this year.
Economists and trade officials say the increase of the trade deficit was not due to growing consumption, but due to the import of capital goods.
Laos imports large amounts of construction materials to build power plants. At present, two major electricity generating plants – Hongsa lignite power plant and Xayaboury hydropower plant – are under construction. Those projects will generate money to reduce poverty in Laos.
Dr Hensen said besides the provision of consulting services, his company also looked for opportunities to finance real estate projects in Laos.
He said real estate development in Laos was growing due to greater demand for residential and office accommodation.
vientiane times
