Laos, Japan business dialogue to enhance investment
Laos, Japan business dialogue to enhance investment
Senior officials from Laos and Japan gathered on Friday to raise issues in relation to the business environment which Japanese companies investing in Laos are experiencing.
The discussions will help both the public and private sectors counteract issues being experienced and allow all concerned parties to exchange feedback together, officials said.
The information was outlined during the 10th Lao-Japan Public and Private Sector Dialogue, held on Friday in Vientiane.
The meeting was co-chaired by Minister of Planning and Investment Dr Souphanh Keomixay, Japanese Ambassador to Laos, Mr Takeshi Hikihara and the President of the Japanese Chamber of Commerce and Industry in Vientiane, Mr Toshiji Yoshida.
Speaking at the opening ceremony of the joint dialogue, Dr Souphanh said Japan is not only one of the biggest and most important investors in the region but it is also a key trade partner in 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, according to the ministry, adding that investment projects from Japan will be on the rise over the years to come.
Currently, Japan was ranked the 7th largest foreign investor in Laos with a total of more than US$438 million. Many Japanese companies are now registered at various special and specific economic zones in Laos.
This meeting will also mark a crucial role for contributing to the improvements and promotion of the investment environment, enabling the business operations, trade, investments and services of Japanese people in Laos, Dr Souphanh added.
The conference was very meaningful since participants from both sides exchanged their opinions sincerely, according to the Japanese Embassy to Laos.
Another purpose was to discuss possible improvements to the business environment Laos, raising several issues under a working group including transparency and predictability of laws and policies regarding taxation, logistics systems, as well as approvals and licence procedures.
In recent years, Japanese companies have been actively investing in Laos, especially in the manufacturing sector. The number of Japanese companies operating in the country has increased to 135, which is twice what it was five years ago.
Investment from Japanese companies has also helped boost knowledge in management, manufacturing systems, and created job opportunities in Laos. This is another for m of Japanese assistance that contributes to the Lao economy.
In the future, the 11th conference which will be held in December next year, reconfirming benefits from the previous 10 conferences by both sides, said the embassy.
Regarding the issues that have not yet been solved, medium-term problems and so on, the Japanese side has the strategy to collect and draft a policy proposal.'
Correspondingly, regards to the aforementioned procedure the Japanese side will collaborate with the Lao side to create Action Plans' which will be announced in December 2017.
