Lao, Japan business dialogues to boost investments in Laos
Lao, Japan business dialogues to boost investments in Laos
Laos is enthusiastically rolling out a welcome mat for foreign investors from both the public and private sectors, especially investors and businesses from Japan, as the country is currently ranked as the 6th foreign investor in Laos.
A joint dialogue entitled ‘The 9th Annual Meeting of the Lao-Japan Public and Private Sectors Joint Dialogues' was held in Vientiane yesterday, seeking to boost the investment climate in Laos.
Addressing the opening ceremony of the joint dialogue, Minister of Planning and Investment Mr Somdy Duangdy, said that Japan is not only one of the biggest and most important investors in the region but it is also a key trade partner of the Asean region.
“Over the past years, Japanese investment projects have played a significant role in the investment climate in Laos, ranking at 6th place out of 53 countries investing in Laos,” he said, adding that investment projects from Japan will be on the rise over the years to come.
He noted that the overall Lao business operations environment has rapidly improved. A recent report from the World Bank and The International Finance Corporation (IFC) unveiled that the survey for business facilitation in 189 countries ranked Laos at 134th for the year 2016, up from 139th the previous year.
“This meeting will also mark a crucial role for contributing to the improvements and promotion of the investment env ironment, enabling business operations, trade, investment and services of Japanese people in Laos,” Mr Somdy added.
At yesterday's meeting, the joint dialogues between the public and private sectors of Laos and Japan discussed laws and approval procedures, taxation and customs and logistics.
According to the Embassy of Japan in Laos, the annual discussion between the two sides creates a positive outcome, with a number of Japanese companies coming to Laos to conduct investment surveys in La os over the past years.
Meanwhile more than 120 Japanese companies are already investing in various fields throughout Laos.
In 2014, Japan was ranked 7th largest foreign investor in Laos with a total of more than US$438 million. Many Japanese companies are now registered i n various Laos' Special Economic Zones (SEZ) and Specific Economic Zones.
Recently, the country has seen the establishment of the Pakxe-Japan SME SEZ Developm ent Company Limited, a Lao-Japanese company which is seeking to facilitate the development of businesses from the two countries in a new specific economic zone (SEZ) in Champassak province.
The event was co-organised by t he Ministry of Planning and Inve stment and the Embassy of Japan in Laos in collaboration with Japan Bank for International Cooperation (JBIC Bangkok), The Japan External Trade Organisation (JETRO) in Vientiane and Japan International Cooperation Agency (JICA Laos).
