A
group of Canadian business leaders is in Vientiane this week to explore
investment opportunities in one of the region's fastest growing economies.
The 19 business executives, led by Charge
d'Affaires of the Canadian Embassy to Laos Ping M. Kitnikone, met Minister of
Industry and Commerce Nam Vinhaket in Vientiane yesterday to discuss potential
opportunities in Laos.
The 14 companies represented have a combined
annual revenue of over US$25 billion and employ more than 100,000 people in
dozens of countries worldwide. Their managers met with Minister of Energy and
Mines Soulivong Daravong and Minister of Planning and Investment Somdy Duangdy.
The companies operate in the fields of
financial, environmental and engineering services, information and
communications technology, extractive and associated technologies, and
agri-food.
Ping said Nam welcomed the idea of more Canadian
investment in Laos as the country is seeking sources of foreign investment to
boost development.
"We heard from the commerce and industry
minister that the time is right to be in Laos. Laos is moving very aggressively
on its Millennium Development Goals," Ping said yesterday after her
meeting with Nam.
Ping, who was born in Laos, but emigrated to
Canada at a young age, said she believed that backed by Canadian technical
expertise and technology, Canadian businesses could successfully operate in
Laos and work with Lao people to develop the landlocked nation.
She said Laos and Canada have similarities as
the two nations are resource rich. Canada has a lot of useful experience on
which Laos can draw to sustain its use of natural resources.
Canadian investment in Laos is increasing, she
said, adding that some Laos-born Canadians are now returning to their
motherland to do business here.
According to the Canadian Embassy to Laos,
based in Bangkok, Thailand, the main Canadian firms already operating in Laos
are the Deluxe Food Group, Canadian Helicopters Group Inc, Amanta Resources,
and Asia Base Metals Inc.
Bilateral trade value between Laos and Canada
is very low compared to that between Laos and neighbouring Thailand, Vietnam
and China. However, Laos-Canada trade value has seen a marked increase in
recent years.
In 2011 Lao exports to Canada reached $8
million, an increase of about 20 perc ent over 2009, while Lao imports from
Canada amounted to only $2.7 million.
Canada has vowed to support Laos in its bid
for World Trade Organisation membership, which would give Laos greater access
to international markets. This would also make Laos more attractive to Canadian
investors.
Laos is one of the fastest growing economies
in the region thanks to the exploitation of its natural resources, notably
through mining and hydropower. Its rapid economic growth has put Laos in the
spotlight, especially among Vietnamese, Chinese, Thai and Korean investors.
Business Desk
Vientiane Times
Business & Investment Opportunities
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