Lao and other Asean officials gathering for the Asean Investment Forum 2024 in Vientiane on Oct 7, 2024. - VT
VIENTIANE: The Asean Investment Forum 2024 highlighted the region as a prime investment destination while promoting sustainable and inclusive growth through strategic investment opportunities.
The forum in Vientiane on Monday (Oct 7), was organised by Laos’ Ministry of Planning and Investment, the Asean Business Advisory Council, the Asean Secretariat, and the United Nations Economic and Social Commission for Asia and the Pacific (Escap).
In his opening speech, Deputy Prime Minister and Minister of Foreign Affairs, Saleumxay Kommasith emphasised Asean’s resilience and adaptability in the face of global challenges, praising the region for emerging as a global investment destination through its collective vision for sustainable development.
He underscored the Asean Regional Investment Action Plan as a milestone initiative aimed at promoting Asean as a unified investment destination.
He also stressed the importance of foreign direct investment in driving Laos’ national development goals, particularly in sectors such as renewable energy, infrastructure, and digital transformation.
In addition, Saleumxay highlighted the Lao government’s commitment to fostering a favourable investment climate through reforms aimed at enhancing transparency and streamlining business procedures, noting that Laos has seen substantial foreign investment in hydropower, solar and wind energy projects, which contribute to the region’s clean energy goals.
With Laos chairing Asean this year under the overarching theme of “Investments for Enhancing Connectivity and Resilience”, the forum plays a critical role in advancing Asean’s economic integration goals.
The event showcased investment opportunities that align with Asean’s vision of fostering stronger economic ties, promoting sustainable development, and accelerating digital transformation to ensure a more resilient and connected region.
One of the highlights of the forum was the launch of the Asean Regional Investment Action Plan for 2025-2030, which spells out the blueprint that will be introduced to guide Asean’s efforts in attracting investment, promoting sustainable development, and positioning Asean as a single investment destination under the Asean Comprehensive Investment Agreement and the Asean Economic Community Blueprint 2025.
During the forum, participants discussed the latest investment trends, opportunities and challenges in Asean countries. Topics included sustainable and responsible investment practices, infrastructure development, digital transformation, green economy investments, and cross-border collaboration.
Prior to the forum, delegates visited three Special Economic Zones in Vientiane, namely the That Luang Lake Special Economic Zone, Thanaleng dry port, and the Xaysetta Special Economic Zone, which demonstrate the readiness of Laos’ infrastructure to cater to the development of manufacturing and strengthen economic links across the region.
The forum was attended by ministers, policymakers, and business leaders from Laos and other Asean countries. - Vientiane Times/ANN
