Singapore businesses keen to invest in Laos
Singapore businesses keen to invest in Laos
The new Singapore Ambassador to Laos will encourage more businesses from his country to invest in Laos to take advantage of the booming economy.
Speaking during a recent visit to Vientiane Times , Ambassador Dominic Goh said Laos has investment potential in many areas and is attracting investors from a wide range of countries.
“Singapore is currently the 10th largest investor in Laos. Many Singaporean businesses have already invested in the country. They have invested in hotels, restaurants, shopping malls, legal and consultancy services and have even established an air cargo service linking Laos to the rest of Asean. There is also a Singapore-owned coffee plantation in Champassak province,” Mr Goh said.
“There will be more potential for investment when the Asean Economic Community comes into force at the end of this year. Conditions in Laos are favourable for investment with competitive labour and energy costs,” he added.
Ambassador Goh aims to enhance cooperation between Singapore and Laos during his diplomatic mission in Laos. As close neighbours and fellow members of Asean, the countries enjoy excellent bilateral relations and high ranking officials of the two countries have exchanged regular visits.
Singapore Prime Minister Mr Lee Hsien Loong visited Laos for the ASEM Summit in November 2012 while Lao Prime Minister Mr Thongsing Thammavong visited Singapore to mark the 40th anniversary of diplomatic relations in February 2014.
President of the Lao National Assembly Ms Pany Yatotou recently visited Singapore to meet with the Speaker of the Singapore Parliament Madam Halimah Yacob. Ms Pany also met the Singapore President and Prime Minister.
Ambassador Goh has visited Laos several times in the past when he was working for the Asean Directorate of the Singapore Ministry of Foreign Affairs. He also prepared for the Singapore Prime Minister's visit when he was working in the ASEM circuit. In February 2015, he presented his credentials as Ambassador of Singapore to Lao President Choummaly Sayasone.
He said development in Laos was moving ahead at a rapid pace, particularly infrastructure. Vientiane is much more developed than it was in 2009 when he first visited Laos.
The Ambassador noted that the Lao government is determined to develop the country further so as to lift Laos off the list of Least Developed Countries by 2020, and he is confident they will succeed.
Singapore and Laos have cooperated in many fields, he added. Singapore provides technical assistance to Laos under the Singapore Cooperation Programme and the Initiative for Asean Integration.
To date, Singapore has trained more than 10,000 Lao officials in areas such as English language, governance, city planning, trade negotiations, investment promotion and other areas.
The Singapore government also provides scholarships for Lao people to take short courses and degree programmes in Singapore and looks forward to working with Laos towards its successful Asean Chairmanship in 2016.
