Thai businesses must comply with int'l law: Thai official
Thai businesses must comply with int'l law: Thai official
All Thai businesspeople who want to set up operations in Laos will have to follow the guidelines of the legal process and have a full understanding of local business culture, a senior Thai trade has official warned.
Chairman of the Khon Kaen Chamber of Commerce, Mr Khemchart Somjaiwong, recently spoke at a bilateral meeting in Vientiane. In the past, he said, many Thai businesspeople had successfully run businesses in Laos, while others had failed.
�It is true that both countries have a close connection in terms of diplomatic ties and trade partnerships but Thai business operators must keep updated in relation to revisions in the legal system, both domestically and internationally,� he said.
He also noted that Laos and Thailand have a new dimension of cooperation between the public and private sectors, especially in trade cooperation.
�It is crucial for newcomers [Thai businesses] to carefully learn about the legal process and how to apply for a business licence through Laos' ministries,� he said, adding that international law was an important part of doing business in Laos.
For many years ago, the two countries' businesspeople have had close ties in terms of trade and business coordination.
Thai people own different types of business in Laos, mostly restaurants, shopping malls and agri-business.
In addition, a number of Thai travel companies partner with Lao travel agents in providing services for visitors from both countries.
Last week, Thai trade officials from Thailand's Khon Kaen Chamber of Commerce led a group of more than 50 businesspeople from Khon Kaen province and Bangkok to study the feasibility of investment in Vientiane.
The delegation from Thailand was welcomed by the Phongsavanh Group, a well-known private investment group in Laos.
These participants represented different kinds of businesses including the owners of electrical businesses, and the sale of household and consumer products.
Khon Kaen business operators have been associated with their Lao business partners in trade and investment negotiations and discussions for many years.
The two sides tried to seek more trade and investment opportunities through the meeting and to learn about the possibility of business partnerships in the years to come.
Most importantly, foreign investors and their partners should cautiously prioritise initial studies on international law with regard to trade and investment, as well as local government policies.
