Keynote Speech by H. E. Bouasone Bouphavanh, Prime Minister of the Lao People’s Democratic Republic
Distinguished Guests, Ladies and Gentlemen,
This morning, it was a great pleasure and high honor for me to attend the opening ceremony of the 3rd China-ASEAN EXPO (CAEXPO) and the 3rd China-ASEAN Business and Investment Summit (CABIS), and I feel equally privileged to take part in this afternoon’s session on the topic of ” Improving environment for more mutual investment“.
I would like to express my sincere thanks to the Government of the People’s Republic of China, the People’s Government of Guangxi Zhuang Autonomous Region and the Organizing Committee for the support and arrangements made for the participation of the Lao DPR in this significant event, including the assistance accorded to a number of Lao Companies to bring in and display their products at the EXPO. I am confident that the holding of the 3rd CAEXPO and 3rd CABIS will further promote trade and investment between China and ASEAN, and in particular, between China and Laos to a new height.
Distinguished Guests,
The initial gains in turning the Lao PDR from a landlocked into a land-linked nation have been conducive to investment as the Lao PDR shares border with 5 countries and given its central location, the Lao PDR could easily serve as a transit point among ASEAN member countries and between ASEAN with other countries in the region.
Furthermore, the Lao PDR has great potential for foreign direct investment as the country is endowed with abundant natural resources namely hydro power, several kinds of minerals, agriculture and forestry, light industry and tourism. Lately, we have been able to score some achievements in transforming the Lao PDR into a battery country by supplying electricity to neighboring countries. The Lao PDR has also many streams and rivers that can altogether generate hydro electricity up to 23.000 Megawatts. Nowadays, there are an increasing number of foreign companies putting their investment in the exploitation of mineral resources, and there seems to be a growing interest in this sector as well as in the garment industry.To facilitate foreign direct investment, Laos has made available a relatively convenient basic infrastructure, readily qualified manpower, fast track one stop service and secured market access both in neighboring countries and in the region.
But most importantly, the Government of the Lao PDR has adopted a much more favorable investment promotion policy than in the past, in terms of land and tax regulations, the repatriation of capital and earnings and others. In pursuit of attracting foreign direct investment, the Lao Government has continuously paid attention to improving the investment climate and putting in place a fast and convenient one stop service through refining some laws and regulations to be more specific and responsive to the prevailing circumstances. Not long ago, the Government announced the application of the revised Law on the Promotion of Domestic and Foreign Investment, the new Business Law, the Law on Tourism and some other Laws so as to cope with the increased investment flow.The implementation of the investment promotion policy in the Lao PDR has gained some key results thanks to the country’s central geographical location for transit services, great potential in natural resources, sound regulatory framework and other facilities. Over the past two decades, the Lao PDR has been able to attract investment totaling US$ 7.5 billion from 36 nations in which the investment from ASEAN countries reached US$ 3.9 billion.
Excellencies,
The Lao PDR and the People’s Republic of China enjoy a healthy two-way investment and trade volume. With regard to the Chinese investment in Laos, there are currently in total 192 projects worth approximately US$ 800 million encompassing 12 sectors namely in industry, agriculture, mining, trade, construction, communication and energy.The trade relations between Laos and China have greatly increased amounting to nearly US$ 200 million. Besides, the Government of the People’s Republic of China has granted special and preferential treatment to commodities from the Lao PDR covering 309 items with zero tariffs. Furthermore, Laos and China will continue their consultation on the possibility of extending special and preferential tariff treatment to additional items from the Lao PDR.
Distinguished Guests,
The Lao PDR is a land of golden opportunities and profitable destination for foreign direct investment. Apart from the above mentioned potential, our country enjoys political stability and security as well as a sustained economic growth rate from 6.5% in 2001-2205 up to 7.5% in 2005-2006. Better than that, the Lao PDR has received special tariff treatment for its export products to a number of major world markets namely the USA and the European Union, and this positive trend is likely to gain ground in other potential markets in the years to come.
Therefore, I would like to take this opportunity to kindly invite leading enterprises and business people from ASEAN countries, China and other countries to explore investment opportunities in the Lao PDR, and we would be more than pleased to welcome you with open arms and provide all kinds of facilities that you may need to that end.
I thank you.
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