Laos eyes consulting services as new business opportunity
Laos eyes consulting services as new business opportunity
Laos would do well to encourage overseas businesses to set up consulting services here as a means of attracting additional foreign investment, the Ministry of Planning and Investment has advised.
The ministry has produced a number of publications on investment and business opportunities in Laos, aiming to provide information to local and foreign investors as part of efforts to encourage them to invest in the country.
These publications, which were distributed to investors and the media recently, indicate that in addition to mining, hydropower and agriculture, Laos has the right business climate for local and overseas operators to set up consulting businesses here.
“Consulting is certainly a strong business opportunity in Laos,” an official from the Investment Promotion Department, Ms Thavichanh Thiengthepvongsa, told the media at a workshop in Vientiane recently.
Several consulting businesses have already opened in Laos in recent years thanks to government policies to boost foreign investment. The need for such operations exists as overseas investors need the services of a consulting firm before they can do business in Laos.
Laos opened its doors to foreign investment in 1986 when it introduced a market oriented economy, allowing the private sector to share in the country’s development. Since then new laws and regulations have been created to ensure Laos complies with international standards.
Mr Axel Anothai, 46, is one businessman who has found his niche in consulting services. He opened Anothai Consulting in Vientiane in 2009, to offer advice to customers in Europe, Asia and Africa.
He said the work of Lao civil engineers has gained an international reputation and acceptance after they took on large-scale construction design projects in various countries. One such project his company assisted with was the design of factory facilities and roads in France.
Mr Anothai said communication facilities have improved in Laos, such as the provision of high speed internet, which has made his job easier as he can stay in touch with his customers overseas. He also pointed out that the low cost of living in Laos made it a good business base.
He expressed the hope that Laos would be able to sell its designs for construction projects to other countries when the Asean Economic Community comes into effect in 2015. He expects to pick up more design work himself over the next few years once regional integration strengthens.
Several observers said the cost of hiring a Lao lawyer or designers was much cheaper than in other countries so it made sense to hire Lao staff to work for consulting firms.
vientiane times
