Deputy Minister of Planning and Investment Somchit Inthamith has encouraged French businesses to invest in Laos, especially in the production, processing, finance and tourism sectors.
The statement was made at the Economic Forum ‘Rendez-Vous de Vientiane’ under the theme ‘Laos as a Gateway to ASEAN’ held in Vientiane on Jan 24, 2017.
The forum was important for future Lao and French business cooperation in terms of trade, investment, culture and tourism, said Mr Somchit Inthamith.
Both sides were given the opportunity to exchange points of views on the potentials and possibilities of further promoting cooperation between the two countries as well as ASEAN countries, said Mr Somchit Inthamith.
The establishment of the ASEAN Economic Community (AEC) in 2015 was a major milestone in the regional economic integration agenda of ASEAN, offering opportunities in the form of a huge market of US$2.6 trillion and over 622 million people, said Deputy Prime Minister Sonxay Siphandon.
In 2014, the AEC was collectively the third largest economy in Asia and the seventh largest in the world.
Laos has had a long relationship with France. France, as a long-standing partner of Laos, supports the country in its development through support for urban and rural development, the health sector and preservation of its heritage, said Mr Oliver Klein, BRED Group; Professor of Economics, HEC.
In 2016, the French investment reached US$490 million ranking number six in foreign investment in Laos.
Source: Lao News Agency