Lao-Thai investors to build shopping capital of Asean in Laos
Lao-Thai investors to build shopping capital of Asean in Laos
Experienced investors from both sides of the Mekong River have announced a plan to build the tax-free shopping centre in Vientiane in response to opportunities provided by the Asean Economic Community (AEC).
In anticipation of the AEC, Thai investors, represented by Sayam International Co., Ltd and businessmen from Laos jointly set up BM Group Co., Ltd. to invest in the Lao Duty Free Mall (LDF) project.
The BM Group Co., Ltd announced their plan during the investment project presentation ceremony on Wednesday in Bangkok saying that the project will be located on a 37,000 square metre site near where the 1st Lao-Thai Friendship Bridge crosses the Mekong River between Vientiane of Laos and Nong Khai province of Thailand.
The presentation ceremony was also attended by the Lao Ambassador to Thailand, Mr Ly Bounkham, along with senior officials from the Lao Embassy in Bangkok and the Lao Deputy Minister of Finance, Mr Bounchom Ubonpaseuth.
The LDF project will cost more than THB3,500 million with a group of Lao investors led by BMM Group President, Mr Phisith Banyadith, holding 51 percent while Sayam International led by Mr Sayam Ramasoot will take 49 percent of the investment shares in the project.
According to the developers, construction of the project is 70 percent completed with the eventual opening anticipated in the first quarter of 2016.
Mr Phisith Banyadith, President of BMM Group, is a well-known and successful retail businessman from Laos. He is the Co-founder of the BM Group and will be managing the duty free businesses of the LDF Mall project. He comments that this joint collaboration will bring diverse businesses together with an in depth knowledge of the AEC and expertise in duty free retail business in order to create value for the investors of Laos and Thailand. “With the vision and over 20 years of experience in the duty free shop business, I have confidence in the success of the LDF project and will be looking to expand the concept into other provinces” he said.
According to a speech by Mr Phisith during the project's presentation, he has been successful in several types of business in Laos, has included establishing seven duty free shops across the country.
Sayam International Co., Ltd Chairman, Mr Sayam Ramasoot said, “I have business experience over 20-years in Cambodia, Laos, Myanmar and Vietnam (CLMV) countries, so I know well about people there. Laos presents great opportunities for success because the people are very friendly, while the culture and language are very similar and we can understand each other without using a translator. Living there feels like living at home so I would like to encourage more Thai business people to invest in Laos.”
“There are several reasons why we chose here as the investment site because it is very close to the Thai-Laos Friendship Bridge (Nong Khai-Vientiane) whose cross border trade amounts to over THB100 billion per annum.”
“Moreover, the LDF Mall project also offers a number of promising prospects. It is conducive to business development in countries within the AEC. It will provide opportunities for starting new business in a foreign country with infrastructure that supports joint venture investment and tourism. It is expected that this tax-free shopping centre will satisfy the demand for goods and services of more than four million tourists per year,”
“This tax-free shopping centre will become a high end shopping centre for the AEC and foreign tourists under the concept of a new shopping centre for Asean incorporating world renowned brands and fully integrated services,” Mr Sayam said.
