Laos growing more attractive to foreign investors
Laos growing more attractive to foreign investors
Despite being a landlocked country, Laos has a number of advantages to attract foreign investment into the country, according to an industry park developer.
Vientiane Industry and Trade Area (VITA Park) President, Mr Sibounheuang Vienheuangphay said last week one of the advantages was that Laos is located in the middle of many growing markets, creating possibilities for the country to produce goods for export.
Laos borders with China, which has a population of 1.3 billion people, Thailand with a population of 60 million people and Vietnam with a population of 70 million people. Cambodia and Myanmar are also emerging as developing nations.
Mr Sibounheuang, who is also a former Lao diplomat to China, said as a least developed nation, Laos is able to export its goods to developed nations which have lower import tariffs. Developed nations lower import tariffs for least developed nations as one of their obligations to narrow the development gap between the rich and poor.
Laos has political stability, one of the main factors in guaranteeing a sound business environment. Lao people are also honest, kind and friendly. In many countries, workers like to stage rallies against employers to demand wage rises but not in Laos.
One of the suggestions which he would like to recommend to authorities is to help foreign investors, who want the government to enforce the law and fulfill the commitments it has given to investors effectively.
He also wanted the government to work to fulfill its policy to supply a sufficient labour force to meet the demands of the growing number of factories in Laos.
Mr Sibounheuang said with study, Lao and Taiwanese firms decided to join hands to develop the industry park, aiming to welcome foreign investors to locate their production bases in Laos.
Vita Park is 30 percent owned by the Lao Ministry of Commerce and 70 percent by Nam Wei Development Co, Ltd.
Located in the future master planning zone of the Lao government, it is located in Nonthong village in Xaythany district, 7 km away from the National Sport Complex. The park is equipped with modern facilities on electricity, water supply and waste treatment at the park.
vientiane times
