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Entrepreneurs invest heavily in Laos industries
21
Feb '08
Last year, Mr Somsavat Lengsavad, Deputy Prime Minister of Laos, sanctioned 13 investment projects and aid to the eight Vietnamese business and industrial giants.

Following the agreements between the parties and the respective Governments, Mr Somsavat, welcomed 40 Vietnamese business executives to explore opportunities in the state.

The 13 projects of investment will focus on industries like textile, garments, mineral and energy.

This venture is believed to be the turning point in promoting Vietnamese investments in Laos. In a bid to even out business transaction in Laos, Mr Somsavat is also keen on establishing a Vietnamese investors association in Laos.

So far, Vietnam has invested about US $600 million in the economic development projects in Laos since 1989.

Among others, focus on handicraft and garment industry was the most. Experts believe that the contribution made by Vietnam in the economic advancement of Laos was greatly felt and that these investments are likely to raise the standard of living of the local people.

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