|
Laos has attractive investment potential: Deputy PM
Laos is an attractive investment proposition for both local and foreign investors, according to the deputy prime minister.
 |
|
Mr Somsavat Lengsavad | “I wish to inform you that Laos is endowed with abundant and diverse natural resources that remain largely unexploited,” Mr Somsavat Lengsavad said.
Mr Somsavat made the statement during his keynote address yesterday to the Symposium on Investment Opportunities in Laos, sponsored by BCEL-KT Securities and KT ZMICO.
The one-day meeting aimed to provide foreign investors with information on opportunities in Laos, with particular regard to the Lao Securities Exchange, which began trading in January.
A number of potential investors from Thailand, Europe and the USA attended the conference where they learned about the fiscal, monetary and investment promotion policies of the government in various sectors.
Mr Somsavat, who is Chairman of the Lao Securities and Exchange Commission, said the government had clear policies on the exploitation of the country's natural resources, including the need to generate income while preserving cultural heritage.
The government had embraced the hydropower industry as a key economic development priority, he said, and this strategy is positioning Laos as the “battery of Asean”.
The government has allowed foreign investors to operate major gold and copper mines and build a number of hydropower plants in the country over the last couple of decades. Natural resource based industries have become the main driving force of the 7.9 percent GDP growth rate over the last five years - the highest in Asean.
Mr Somsavat, who is in charge of economic affairs, said one of the main attractions of Laos was its unique geographical location in the centre of the Mekong sub-region. The government is seeking to capitalise on this by transforming Laos from a landlocked country into a regional land link.
He reminded attendees that Laos shares a border with China, a major world market. This advantageous location is an added boost for overseas investors, especially those that want easy access to the Chinese market.
Economic and investment cooperation between Laos and China will get a major boost once the planned high speed railway linking Laos to the Chinese border is built, Mr Somsavat said.
Laos and China signed a memorandum of understanding in 2010 to build the railway.
Mr Somsavat highlighted the government's desire to attract foreign investment, and pointed to amendments made to laws, regulations, policies and mechanisms to facilitate domestic and private investment, as part of efforts to fast track socio-economic development.
Laos is also active in developing the Asean Free Trade Area and is preparing to join the World Trade Organisation.
The government believes its policies on regional and international integration will help attract foreign investment, bringing in money and technology to develop the country while creating jobs to help raise people out of poverty.
vientiane times
|
