(KPL) Laos is opening its door to foreign investors in a bid to become a market economy and to increase its economic growth rate, a World Bank (WB) representative in the country said.

World Bank Country Director in Laos Patchamuthu Illangovan told a recent seminar held by the Singapore Trade Development Board that the Lao economy is transferring from a socialist model to a market one.

It is easy to see Laos’ efforts to attract foreign investors, the official said, adding that this is the right move to develop the country’s economy.

According to the WB representative, the Lao economy will reach a 7.5-7.7 percent growth rate in 2008, following a 7.5-percent growth in 2007 and 8.1-percent one in 2006.

As a result of the economic growth, the poverty rate in Laos also saw a strong decrease, from 47 percent in 1995 to 31 percent in 2005.

The viewpoint of the door-openness was shared by Director-General of Laos’ Investment Promotion Department, Houmpheng Souralay.

The official revealed that tourism, mining and energy are sectors that Laos wants foreign investment.