Laos, Singapore vow to boost investment

Laos and Singapore have vowed to boost bilateral investment, consider introducing direct flights between the two countries, and organise a business forum to mobilise Singaporean investment in Laos.

The initiatives are the outcome of yesterday’s fruitful bilateral meeting between Lao and Singaporean delegations led by Lao Standing Deputy Prime Minister Somsavat Lengsavad and Senior Minister of Singapore Goh Chok Tong at the Prime Minister’s Office in Vientiane.

The meeting came during a three day visit to Laos by a Singaporean delegation led by Mr Tong which arrived in Vientiane on Tuesday.

At the meeting both sides informed each other of economic developments and issues of mutual interest in their respective countries and discussed experiences in various areas, according to a press statement from the Ministry of Foreign Affairs.

Both sides agreed to work together to explore investment channels to encourage more Singaporean investors to do business in Laos, as well as considering the establishment of Laos-Singapore direct airline flights, the statement said.

The Singaporean delegation offered to host a first meeting on bilateral investment which would involve representatives from both state and private organisations in each country.

Singapore was pleased to be able to offer further assistance to develop human resources in Laos when and where it is required, according to the statement.

As members of Asean, both sides reached consensus to further implement the Initiative for Asean Integration to successfully establish an Asean Community by 2015.

They will work together in implementing the initiative with the aim of narrowing economic development gaps between new and old Asean member states.

Following the meeting, Mr Tong paid a courtesy visit to President Choummaly Sayasone at the Presidential Palace.

President Choummaly welcomed Mr Tong and conveyed warm greetings to his Singaporean counterpart SR Nathan, according to a press statement from the palace.

President Choummaly praised the strong friendship and spirit of cooperation between the two nations.

Laos highly values the two nations’ steadfast relationship of cooperation which has broad prospects for future growth in such fields as economic development, and trade and investment, said the statement.

Last night, Mr Somsavat hosted a gala dinner to welcome Mr Tong and his delegation.

On Tuesday, Mr Tong paid a courtesy visit to Prime Minister Bouasone Bouphavanh at the Prime Minister’s Office.

By Vientiane Times Reporters
November 26, 2009