Lao leadership looks forward to investments from Indian private sector: Patil

On board Air India One, Sep.18 (ANI): President Pratibha Patil said on Saturday that the Lao leadership has indicated that they look forward to investments from the Indian private sector.

While returning after a weeklong tour to Lao PDR and the Kingdom of Cambodia, President Patil said that she has been informed that the National Assembly of Laos has already approved the India-ASEAN Agreement on Trade in Goods and just some administrative formalities remain prior to its notification.

She also said that the Government of Lao PDR has repeatedly expressed its deep appreciation for India's continued assistance and support for its development efforts.

Speaking to reporters on board Air India One, President Patil said: "In Laos, I visited the capital city of Vientiane and the world heritage city of Luang Prabang. I had detailed and valuable discussions with President Sayasone who had paid a State visit to India in August 2008 as well as with PM Bouasone Bouphavanh and the President of the Lao National Assembly."

Patil said that the Government of Lao PDR repeatedly conveyed its "deep appreciation for India's continued assistance and support for its development efforts through loans and assistance in the field of human resource development, hydropower and irrigation schemes in particular."

Stating that the Lao leadership emphasized that Indian Lines of Credit were very important for Laos and also conveyed special appreciation for the preferential tariff assistance given by India for Lao exports, Patil said: "I was informed that the National Assembly of Laos has already approved the India-ASEAN Agreement on Trade in Goods and only some administrative formalities remain prior to its notification. The Lao leadership also indicated that they look forward to investments from the Indian private sector."

In Vientiane, Patil said, a Cultural Exchange Agreement for the years 2011-13 was signed as also an agreement for a new Government of India Credit Line of 72.55 million dollars to finance two power projects.

Informing that agreements between the newly set-up Indian Chamber in Laos (INCHAM) with each of the three leading Indian Chambers of Commerce (viz. FICCI, CII and ASSOCHAM) were also signed, Patil said that "these measures are expected to give impetus to further economic cooperation between India and Laos."

"President Sayasone and I participated in a virtual inauguration of the 115 KV Paksong-Jiangxi-Bangyo transmission line project in Champassak province, where Government of India had provided a Line of Credit for 18 million dollars," Patil said. By Praful Kumar Singh (ANI)