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Laos, India to boost investment cooperation
The first Laos-Northeast India Business Forum took place on July 2 in Guwahati, Assam, India, to promote investment and tourism between the two countries.
“At the time of this forum, Laos has yet to enjoy the full benefits of this relationship,” Lao Minister of Industry and Commerce Dr Nam Vinhaket said after the meeting.
However, the Lao government plans to promote further investment between the two countries, he pointed out.
“If it is left to Lao and Indian businesspeople to invest without help from both governments, business will not flourish,” Dr Nam said.
At present, Laos has almost no investment in Assam, a northeastern state of India, something the Lao National Chamber of Commerce must work hard to address.
Dr Nam extended thanks to the Indian Chamber of Commerce and Assam Chamber of Commerce for their great hospitality to welcome the Lao delegation, which included a group of Lao investors looking to explore business opportunities in northern India.
“We exchanged information about our two countries, particularly focusing on investment policies,” the minister said.
“As we are trying to cooperate more with India, this information is important,” he said, adding, “We should also promote Indian business ventures in Laos.”
India has become a large financial supporter of Laos, providing a loan for the Lao government to put towards substation line and hydropower project development.
“We hope that India will invest more in Laos, in the form of power stations, transmission or other related business opportunities,” he continued.
“We have found India to have a very strong IT sector, so we would like to see the country invest in IT projects in Laos.”
Bilateral relations between the two countries were strengthened when Lao President Choummaly Sayasone paid a state visit to India in August 2008.
During the visit, an agreement was signed for credit worth US$33 million to be put towards transmission line, small hydropower and rural electricity projects in Laos.
President of India Shrimati Pratibha Devisingh Patil paid a state visit to Laos in September 2010.
During the visit, the two presidents witnessed the signing of a loan agreement worth more than US$72 million which has been used for the erection of transmission lines and substations for a hydropower programme for 2011-2013.
Lao Ambassador to India Mr Thongphanh Syackaphom said India has also been very supportive towards Lao human resources development in providing scholarships for Lao nationals.
Many Lao government officials have taken part in short-term training courses in India to upgrade their skills and knowledge in IT and improve their English proficiency.
Each year, 130 scholarships are awarded to Lao nationals for short-term courses in India, while 70-80 scholarships are given out for Bachelor's, Master's and PhD programmes.
“I hope that that this connectivity will serve as a means to promote trade, investment and tourism between the northeastern part of India and Laos,” the ambassador said.
“I also hope that through this forum the business representatives from both sides will find ways and means to further strengthen and deepen economic cooperation between Laos and India.”
Mr Thongphanh explained that Laos and India are commemorating the 55th anniversary of the establishment of diplomatic relations in 1956.
“I would like to thank Chairman of the Assam Chamber of Commerce Mr Rupam Goswam, and President of the Indian Chamber of Commerce in Laos Mr Habib Mohammed Chowdhury for their cooperation,” he said.
vientiane times
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