India – Lao PDR Business Seminar
India – Lao PDR Business Seminar
Dr Kikeo Chanthaboury promotes investment opportunities in Lao PDR.
Permanent Secretary of the Ministry of Planning and Investment (MPI) Dr Kikeo Chanthaboury was giving a keynote speech during a business seminar, which took place on September 9 at Vientiane Plaza.
The business seminar ‘Trade and Investment Opportunities in Lao PDR – supporting the current vision and policy of the governments of the Republic of India and Lao PDR' was a high level seminar with attendees from relevant Lao ministries and from the Indian business community, including a delegation from FINER from India, sponsored by the HSMM Group.
Dr Kikeo Chanthaboury told the assembled guests that he was very honoured to give an address on behalf of the MPI at this important business seminar, organised by the Lao National Chamber of Commerce and Industry (LNCCI) and Indian Chamber of Commerce in Lao PDR (INCHAM).
In his speech Dr Kikeo concentrated on the many potential investment opportunities in Lao PDR. The Lao Government encourages future investment for a steady growth in GDP, he noted.
The strategies it has developed include the Development Vision to 2030, the Strategy of Country Development to 2025 and the 8th Five Year Plan from 2016-2020, which is currently being prepared. Laos became a member of the WTO in 2013 and will become a full member of ther AEC in 2015. This will further boost trade and investment and raises the potential for growth.
One main reason to invest in Laos is the economical stability and the government's investment promotion policy. The average growth rate is 7-8 percent annually, which is expected to continue in the midterm.
Dr Kikeo highlighted that the private sector is the key factor in the economic growth in Laos. Therefore the main priority of the Lao government is to continually work towards private sector driven economic growth. The steady development over the past years has created many business opportunities and provides more opportunities in the future.
Dr Kikeo gave some examples of the comparative advantages Laos offers to investors besides steady economic growth and political stability: Laos enjoys GSP privileges (Generalised System of Preferences) with more than 40 countries around the world, thereby giving it preferential trade access to developed economies.
Laos is rich in natural resources, including energy resources and agriculture. Laos also offers young and capable workers and cheap labour costs. Investment opportunities lie in natural resources, especially sources of energy and mining, agriculture and tourism related sectors, including infrastructure and transportation facilities.
Investors are offered a wide range of business opportunities, which will also help to maintain the steady growth of the country's economy, Dr Kikeo pointed out, adding that the MPI is eager to assist in setting up frameworks for boosting successful private businesses.
vientiane times
