Laos, India further cooperation on trade and investment
Laos, India further cooperation on trade and investment
An Indian delegation, government officials and Lao National Chamber of Commerce and Industry (LNCCI) representatives met on Thursday in Vientiane to discuss trade and investment opportunities in Laos.
The high level meeting explored business opportunities between Laos and India in line with the current vision and policies of the two governments.
Deputy Minister of Industry and Commerce, Mr Somchith Inthamith, said in his opening remarks that the talks would build a solid platform for investment opportunities and give entrepreneurs and organisations more understanding about doing business in Laos. At the same, it would strengthen cooperation ties between Laos and India in terms of economic and infrastructure development, and for future regional cooperation.
“This seminar has an important role in the many potential investment opportunities in Laos. The Lao government encourages future investment with steady growth in GDP. The strategies it has developed include the Development Vision to 2030, the Strategy of Country Development to 2025 and the 8th Five Year Plan from 2016-2020,” he said. “One main reason to invest in Laos is the economic stability and the government's investment promotion policy. The average growth rate is 7-8 percent annually, which is expected to continue in the midterm,” he added.
He also highlighted the private sector as the key factor in national economic growth so the government was continuing its efforts to assist business. Steady development over the past had created many business opportunities and would provide more in the future.
Ambassador of the Republic of India to Laos, Mr Ravi Shankar Aisola, spoke of the two nations' warm and friendly relations emanating from their shared age-old ties. Economic cooperation in infrastructure and capacity building in human resources, IT and education among others was benefitting the people of both countries.
“However, the bilateral trade ties with Laos are not reflective of the close ties that both countries share and there is need for increased connection between Indian business houses and private enterprises with Laos,” he said.
According to the Embassy, for several years India has provided over 1,500 scholarships for Lao nationals to train in India under various capacity building projects.
India set up the Laos-India Entrepreneurship Development Institute in 2004 and another institute for teaching English. Since 1994, under the Indian Technical and Economic Cooperation, the Indian Army has been giving training to Lao personnel at the Ministry of National Defence in English language, computers and basic tactics.
