India has been ranked the 8th largest foreign investor in Laos following China, Vietnam, Thailand, Malaysia, R. Korea, France, and Japan.
In 2016, Laos exported a wide range of goods to India, mainly minerals, rubber latex, wood furniture, among others, worth USD 100 million while imported goods from India were worth USD 30 million mainly machinery, agricultural products, metal products, among others, Deputy Minister of Industry and Commerce Somchit Inthamith told a meeting held in Vientiane on Aug 7.
The meeting was co-hosted by the Lao Chamber of Industry and Commerce and the ASEAN India Business Council to mark the 25th anniversary of ASEAN India Partnership and to review close business, trade and investment partnership to promote investment under ASEAN framework.
This meeting is a good opportunity for leaders, business people and entrepreneurs from ASEAN and India and other countries to meet and exchange points of view and open interesting vision together promoting cooperation in trade, investment and tourism, said Deputy Minister of Industry and Commerce Somchit Inthamith.
Bilateral trade between ASEAN and India has increased significantly from merely USD30 billion in 2007-2008 to currently USD 71 billion, making ASEAN the 4th largest trade partner of India while the latter is the 7th largest trade partner of ASEAN.
Source: Lao News Agency