India gives 33 million US dollar Line of Credit to Laos

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New Delhi, Aug 27 (UNI) India today gave a 33 million US Dollar Line of Credit to Lao PDR while Laos asked Indian industry to ''move fast'' and invest in that country or else it would be too late.

An agreement to extend the Line of Credit was signed here today after talks between Prime Minister Manmohan Singh and Lao PDR President Chaommally Sayasone, who arrived here yesterday on a five-day visit to India.

The discussions between Mr Sayasone and the Prime Minister covered bilateral matters and regional and international issues and how to improve ties between the two countries.

''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... We are aiming at graduating from the less developed country status by the year 2020,'' he said in an address at a luncheon meeting with Indian industrialists.

''I hope this visit strongly and significantly contributes to enhancing bilateral cooperation and relations,'' he said.

Earlier External Affairs Minister Pranab Mukherjee called on the visiting dignitary.

After the meeting with the Prime Minister, the Laos President addressed representatives of Indian industry at a luncheon meeting organised by the FICCI, CII and ASSOCHAM.

Addressing the business meeting, he called upon Indian industrialists to cash in on the myriad opportunities for trade and investment in his country, specially in mining, agriculture, tourism and hydro-power development.


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