Phongsavanh Group to invest in Thai property
Phongsavanh Group of Laos expects to cooperate with a major Thai property investor, Isaan Piman Group Co Ltd, on a condominium development in Thailand in the future.
The Phongsavanh group signed a Memorandum of Understanding (MoU) with Isaan Piman on Thursday, at the E-San Industrial Fair 2017 in Khon Kaen province of Thailand.
The Phongsavanh Group's Chairman of the Shareholders' Committee, Mr Somboun Phongsavanh said the MoU will allow Phongsavanh to conduct a feasibility study on condominium investment in Khon Kaen.
�After this the two companies will sign an inves tment cooperation agreement,� Mr Somboun said.
Prof. Dr Od Phongsavanh, the Phongsavanh Group President, said that once the development starts, the condominium investment value will include Phongsavanh's 49 percent and the rest will belong to the Thai investor, Isaan Piman.
Phongsavanh Group took a three day visit to Khon Kaen (February 15-17), led by the Group President Prof. Dr Od Phongsavanh.
The Group is the only business operator from Laos that participated and exhibited the group's success, growth, capacity and activities at the E-San Industrial Fair 2017 in Khon Kaen.
The fair participation of the group aimed to facilitate exchanges experiences on business operation with other Thai business operators and participants.
It hopes to have more trade and investment cooperation with businesspeople in neighbouring countries.
During the visit to Khon Kaen, representatives from Phongsavanh Group met with various Thai officials and businesspeople. They held discussions on trade, services and investment cooperation in the future.
Over the past three decades, the Phongsavanh Group has grown step by step under the founder's vision of conducting a profitable business enterprise, juxtaposed by bettering people's quality of life and consolidating economic expansion.
The group has grown remarkably since it diversified into various business sectors of the wood industry, telecommunications, trading, construction, banking and financial institutions, mining, oil and petroleum products, airlines, franchises, innovation, convenience stores, logistics and insurance.
Among the sectors, the wood industry emphasised the export of processed wood, which was closed in 2008 to follow the direction of government policy and for the natural preservation of forestry.
The group has participated in the socio-economic development of the country progressively, paying taxes to the government annually.
In addition, it is a donor to ministries, organisations and the grass-roots level and has assisted in times of natural disaster such as drought and flooding, as well as supporting national sports activities and important events.
To apply the national policy of the Three Builds, the Group supported the directive by providing loans at low interest rates to farmers to reduce their level of poverty.
So people are happy with the activities of the firm and it gives more confidence to the government, officials said.
Regarding coordination with foreign countries, the group has good coordination with Vietnam, Cambodia, China, Russia and Dubai, in the exchange for merchandise and investment.
It has representative offices in Vietnam, China, Thailand, Singapore, Malaysia and Myanmar which have helped Laos to become well known in the region and at the international level.