Executive Vice President of the Lao National Chamber of Commerce and Industry, Mr Thanongsinh Kanlaya, addresses the Laos-India Business Forum in Vientiane. - Image from Vientiane Times/ANN
VIENTIANE (Vientiane Times/ANN): There are strong possibilities for development and investment in trade between Laos and India, given that India has a robust economy and can provide a sizeable market for Lao goods, the Laos-India Business Forum in Vientiane heard.
The forum was attended by more than 170 business leaders representing more than 100 companies.
Speaking at the event, Executive Vice President of the Lao National Chamber of Commerce and Industry, Thanongsinh Kanlaya, said there is considerable potential for the export of goods from Laos to India as well as for industrial investment in Laos.
This meeting is an opportunity to discuss forms of investment that can effectively promote trade between Laos and India, he added.
“I hope that Indian business operators and the Asean-India Business Council will help promote investment and development in Laos, especially by partnering with Lao companies in various sectors for mutual development and profit,” Thanongsinh said.
The Lao National Chamber of Commerce and Industry has numerous projects under development and needs help from foreign companies in many sectors, such as energy, construction, roads and bridges, agriculture, hotels, tourism, and ICT.
The Chamber will assist Indian business operators to invest in these sectors through many forms of support and will be a strong development partner, Thanongsinh said.
Minister of Industry and Commerce, Malaythong Kommasith, noted that the government and people of India support Laos in many fields, including technical assistance, education, socio-cultural matters, and the environment.
The value of trade between Laos and India exceeded US$108 million in 2023, a decrease of 15.57 percent compared to 2022. Laos imported goods from India worth US$25.5 million and sold US$82 million worth of goods to India, which is not a huge amount but has the potential to increase, the Minister added.
From 2008-2022 Indian companies registered investment capital of about US$314 million and have set up 311 businesses in Laos, which are all very productive, he said.
Director General of the Indian Chamber of Commerce, Dr Rajiv Singh, said India is particularly strong in areas such as renewable energy, mining, infrastructure development, health, tourism, textiles and agriculture.
Laos can benefit from the expertise and experience of Indian companies towards utilising its plentiful natural resources, as well as the development of infrastructure, such as roads, ports and railways, to improve connectivity and trade between the two countries, Dr Singh added.
The Laos-India Business Forum aims to promote business and investment, deepening India-Asean cooperation.
Participants shared information on trade, investment, transportation, agriculture, mining, irrigation, green energy, solar energy, wind and water energy, leather and textile products, hotels, tourism, health sector, and other areas of investment.
In addition, the forum is viewed as a great opportunity for business entities from Laos and India to build networks and find more partners to invest, develop and conduct business in Laos. - Vientiane Times/ANN
