Laos benefits from hosting ASEAN summits

The ASEAN summits and related meetings taking place in Vientiane this week present a golden opportunity for Laos to showcase its tourism and vast investment potential and attract foreign direct investment (FDI), according to a business leader.

Mr Daovone Phachanthavong.

“World leaders, business representatives, and the media are in Vientiane this week for the 44th and 45th ASEAN summits, ASEAN Business and Investment Summit (ASEAN BIS) and other related meetings. This is a great opportunity for Laos to promote its tourism and investment potential,” said the Executive Vice President of the Lao National Chamber of Commerce and Industry, Mr Daovone Phachanthavong.
Mr Daovone, a leading businessman in Laos, spoke with the Vientiane Times on earlier this week about the benefits of hosting the ASEAN Summits and ASEAN BIS from October 6 to 11.
More than 2,000 delegates and 1,000 journalists from around the world have confirmed their participation.
The meetings, which are held under the theme adopted by Laos for its chairmanship of ASEAN this year - “Enhancing Connectivity and Resilience” - are relevant to global development, particularly the need to bridge physical divides.
Mr Daovone said that alongside showcasing the nation’s positions on international stage, Lao leaders used the summits as a platform to inform world leaders and business representatives about the country’s tourism, investment potential and incentives, with the aim of attracting more tourists and Foreign Direct Investment.
According to him, sectors with significant potential for foreign investment include hydropower, mining, agriculture, and tourism.
Laos is rich in hydropower resources, with over 70 hydropower plants already in operation. This makes the country a major supplier of renewable energy to neighbouring countries like Cambodia, Thailand, Vietnam. Singapore has also expressed interest in purchasing this clean energy via the ASEAN power grid, he said.
Apart from hydropower, the mining sector offers substantial opportunities. Laos is rich in minerals, especially copper, gold, and tin. Moreover, the country has large areas of fertile land, which presents huge potential for agricultural development.
Tourism is another promising sector, according to Mr Daovone. He said that since the easing of Covid-19 restrictions, international tourist arrivals have surged, which is an incentive for foreign investors to explore business opportunities in Laos.
Mr Daovone also emphasised the role of the ASEAN Summits and related business events in enhancing Laos’ integration into the regional economy.
“ASEAN is a market of over 600 million people, and Laos can benefit greatly by positioning itself as a logistics hub and supplier of energy and resource-based industries within ASEAN,” he said. “By strengthening ties with our neighbours and international partners, we can continue to drive economic growth for the well-being of the Lao people.”

By Times Reporters
 (Latest Update October 10, 2024)