Phongsavanh group urges Khon Kaen to invest in Laos
Phongsavanh group urges Khon Kaen to invest in Laos
Phongsavanh Group and Thailand's Khon Kaen province are joining forces to expand trading and investment in various fields in Laos and Thailand.
This week a delegation of business operators from Khon Kaen, the Thai Chamber of Commerce and Industry and the Centre for Asean Studies at Khon Kaen University are meeting with Phongsavanh Group officials in Vientiane to discuss the business aspects of cooperation and development.
During the first day of talks on Tuesday, participants learnt about the strong potential of investment possibilities in Laos, especially in relation to banking, aviation and petroleum.
The main goal of the discussions is to increase cooperation on business between Laos and Thailand, Chairman of Phongsavanh Group, Mr Somboun Phongsavanh said.
Phongsavanh Group comprises the Phongsavanh Bank, Lao Central Airlines Public Company and Petroleum Trading Lao Public Company (PTL).
Phongsavanh Bank was established in 2007 so is one of the newer banks in Laos. It offers banking services to business and personal customers.
The range of products that are available includes savings accounts, current accounts, cash management services, deposits, fixed deposits, loans, insurance, cards, and money transfer services.
From 2007 Phongsavanh Bank has aimed to become the leading provider of banking and financial services in business and consumer markets through providing customised solutions that combine modern technology, expertise and financial strength.
The number of deposit accounts doubled soon after the bank opened but the total number has not yet reached 100 accounts neither has the amount deposited reached US$10 million, Deputy Managing Director Mr Southiseth Nalyvan reported.
PTL is the fourth company to register for share trading on the LSX after its business expansion.
Laos is now a member of the World Trade Organisation and the Asean Economic Community (AEC) will come into effect at the end of this year to boost regional economic integration. The Lao government supports the existence of private airlines as that is helpful in preparations for the AEC, especially for improved connectivity with Thailand.
Lao Central Airlines has already opened flights between Luang Prabang province and Thailand's Khon Kaen province and the company also plans to partner with Khon Kaen Airport on flights to facilitate tourism between Khon Kaen, Vientiane, Da Nang in Vietnam, and Siem Reap in Cambodia.
The Lao government is currently giving the green light for foreign investment and is trying to improve the trading and investment regulations to facilitate matters for investors, Group Consultant Prof. Dr Od Phongsavanh explained.
The regulations relate to financial institutions, mining and hydropower and provide good policies for investors, he said.
The government is also providing policy on special economic zones to attract more investors, said Dr Od.
To take full advantage of these policies of the Lao government, the Phongsavanh Bank needs more investment partners, he added.
On the second day the delegates visited Sangthong district, Vientiane seeing it as a tourist attraction and an area of agricultural production and environmental protection, in support of the government's goals.
Phongsavanh bank plans to promote the people in the district as models of development.
The delegates were led by the Director of the Centre for Asean Studies, Khon Kaen University of Thailand, Assoc Prof Dr. Apirat Petsiri.
