Laos Gives Green Light To Foreign Investors

Source: Vientiane Times

The government has reaffirmed its commitment to giving the green light to foreign businesses seeking opportunities for investment in the country.

This was the statement made by Deputy Prime Minister Dr Sonexay Siphandone during the launch of the 4th China-South Asia Expo and the 24th China Kunming Import and Export Commodities Fair on June 12.

In his opening remarks, Dr Sonexay said that although Laos does not share a border with the sea, based on its position at the centre of the five great Mekong sub-region countries, it is ready to give opportunities for foreign investors to implement their businesses in Laos.

“Following the common policy to attract foreign investment set by the government and given that the country is rich in natural resources, this will help increase the number of investors, especially Chinese businesses,” DrSonexay said.

Dr Sonexay Siphandone addresses the fair.

Citing Chinese investment in Laos, especially the investors from Yunnan province, Dr Sonexay stated that Laos and Yunnan province have continued to regularly increase their cooperation in trading and investment.

The volume of investment between the two governments reached US$882 million in 2015.

Besides that, in the first three months of this year, 219 firms from Yunnan province have invested in Laos at a projected cost of US$4 billion in investment terms, especially in special economic zones, the deputy premier said.

Dr Sonexay said it is not surprising that Laos has become a targeted foreign market to attract huge investment from businesses in Yunnan province.

“The cooperation between Laos and Yunnan province is part of the strategy on China’s ‘One Belt One Road.’ This initiative has been contributing importantly to Laos’ economic development,” Dr Sonexay said.

During the expo, Dr Sonexay held discussions with his Chinese counterpart, Mr Wang Yang.

Mr Yang told the Lao premier that both sides can strengthen their high-level communication and exchanges in governing experience, pushing forward cooperation in industrial capacity, investment, economic cooperation zones, infrastructure and promoting local-level ties.

Laos and China established diplomatic relations in 1961. This year marks the 55th anniversary of the establishment of diplomatic relations between the two countries, in an auspicious year as Laos prepares to host the Asean Chairmanship.

Laos and China are willing to further promote bilateral ties and cooperation between the two parties, especially in education, culture, tourism, trade and other mutually related fields.