Phongsavanh Group, Singapore businesses eye partnerships
Phongsavanh Group, Singapore businesses eye partnerships
Singapore business operators and the local Phongsavanh Group are looking forward to potential cooperation between the two sides following a meeting in the capital this week.
Members of the Singapore Businesspeople Association (SBA) were in Laos attending the Asean Summits in Vientiane from September 6-8.
�Laos has a lot of opportunities for direct investment, in trade as well as seeking potential business partners, especially with the Phongsavanh Group,� an SBA representative said during the group's presentation on its business activities.
Phongsavanh Group highlighted to the visiting delegation its excellent reputation in the market, strong relations with government agencies and its successful enterprises in international trading, timber, hotels, telecommunications, and security products.
The Group said it had the capacity to educate and trade with Singaporean businesspeople under a win-win partnership.
The Phongsavanh Group presentation indicated it was ready to shake hands with Singapore investors in exchan ge for trade knowledge, which could open up cooperative investment opportunities.
For example, future trade between Asean nations would increase and the Group was well placed to facilitate networks with the neighbouring countries of Thailand, Myanmar, and Cambodia.
Meanwhile, Singapore has the lowest logistics cost in Asean, so the Group needed to exchange lessons in cooperation with Singaporean firms.
At the meeting, SBA officials heard a presentation on Lao investment law, tax obligations for investors, and other aspects of doing business in an effort to assist their investment decisions.
The Ministry of Planning and Investment reported that in 2011-2015 Singapore was the 18th ranked country for investment in Laos with some four projects valued at US$45 million.
The Ministry of Industry and Commerce noted that in the 2014-15 fiscal year, Singapores exports to Laos amounted to more than US$ 9 million, while Lao exports to Singapore were worth US$4.2 million.
In the first six months of this fiscal year, Lao exports to Singapore were worth over US$2 million and Singapore's exports to Laos were val ued at more than US$6 million.
