Laos President invites Indian industry

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New Delhi, Aug 27(UNI)Laos President Chaommally Sayasone today invited Indian industry to cash multiple opportunities for trade and investment in his country.

Addressing Indian business leaders at a meeting organised by three industry chambers of FICCI, CII and ASSOCHAM, Mr Sayasone urged them to move fast and seize opportunities offered by fast growing economy of Laos which has recorded plus eight per cent growth since 2006. He assured of social and economic stability and security of investments in his country.

He said sixth five-year socio-economic development plan in Laos seeks to achieve a GDP growth of 7.5 per cent, adding they aim to shed their status of a less developed country by 2020.

Laos Minister of Planning and Investment Soulivong Daravong said his government was reviewing investment laws to promote foreign direct investment and the exercise would be completed by the year end.

He said under the proposed new law, 100 per cent foreign equity will be allowed in projects in Lao( new name of the country).

Mr Bharat Wakhlu of Tata Services sought encouragement to Indian industry to use government credit lines to boost project exports in power, machine tools, irrigation, and construction.

He also sought consultancy of Indian companies in Lao's mining and power sectors and services in infrastructure projects.

ASSOCHAM's former president G H Singhania said collaboration in mining between the two countries could yield high dividends and help promote bilateral trade which stood at a poor 2.74 million dollars.

FICCI chairman D Datta said enhanced cooperation between the two nations in pharmaceuticals, chemicals, fertilisers, hydrocarbons, food processing and two-wheelers would be mutually beneficial.

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