Laos president invites India to tap opportunities - Samakomlao Main

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TOPIC: Laos president invites India to tap opportunities

Anonymous

Date: Aug 28, 2008

Laos president invites India to tap opportunities	Permalink

India and Laos are looking towards a new business partnership. The President of Laos has invited Indian businessmen to invest in trade and development programmes that the country is providing. This would benefit both the nations. THE PRESIDENT of the Laos Peoples Democratic Republic (PDR), Chaommaly Sayasone, on Wednesday urged Indian industry to cash in on the myriad opportunities for trade and investment offered by his country, especially in agriculture, mining, hydro-power development and tourism. Addressing Indian business leaders at a meeting organised by Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII) and ASSOCHAM, Sayasone said, “The Laos government attaches high priority to stability and security ion the social and economic spheres and the country’s eight per cent plus GDP growth rate since 2006 is spreading all-round prosperity.” “I invite Indian business to move fast and seize the opportunities offered by a fast growing economy, else, the potential will be cornered by other nations,” Sayasone said. The Laos president said “The 6th five-year social economic development plan seeks to achieve a GDP growth of 7.5 per cent during the Plan period and gives top priority to HRD to support the envisaged rate of growth. “We are aiming at graduating from the less developed country status by the year 2020,” he said. Soulivong Daravong, minister of planning and investment, pointed out that the Laos government was reviewing the investment laws to promote foreign direct investment. The exercise would be completed by the end of the year. Bharat Wakhlu, resident director, Tata Services Ltd., put forward CII’s proposal for intensifying people-to-people contact for developing tourism, encouragement to Indian industry to use government credit lines to further project exports in power, machine tools, irrigation, and construction, as well as consultancy of Indian companies in Lao mining and power sectors and services in infrastructure projects. Govind Hari Singhania, past president, ASSOCHAM, noted that India-Laos trade at US$ 2.74 million did not reflect the closeness of bilateral relations; nor did it reflect the tremendous potential that exists. He mentioned mining as an area of collaboration that could yield high dividends for the two countries. D Datta, chairman, FICCI India-Laos Joint Business Forum and managing director, WAPCOS, said that was huge opportunity for India and Laos in drugs, pharmaceuticals, chemicals, fertilisers, hydrocarbons, food processing and two-wheelers. In these areas, Indian capabilities and competitiveness were well known and enhanced cooperation with Laos would benefit both sides, he said. http://www.merinews.com/catFull.jsp?articleID=140252&catID=8&category=Business __________________

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