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| By HeadlinesIndia News Network |
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Wednesday, August 27, 2008 (20:43:43) |
| Tags : Laos, India, Business, FICCI, CII, ASSOCHAM |
Cash in on myriad opportunities, Laos asks India Inc |
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| New Delhi: President of Laos, Chaommally Sayasone, today urged Indian industry to cash in on the myriad opportunities of trade and investment offered by his country, especially in agriculture, mining, hydropower development and tourism. "The Laos government attaches high priority to stability and security in the social and economic spheres and the country's eight per cent plus GDP growth rate since 2006 is spreading all-round prosperity," Sayasone said while addressing Indian business leaders at a meeting organised by FICCI, CII and ASSOCHAM.
"I invite Indian businessmen to move fast and seize the opportunities offered by a fast growing economy, else, the potential will be cornered by other nations," Sayasone warned. The Laos President said that the 6th five-year social economic development Plan of Laos seeks to achieve a GDP growth of 7.5 per cent during the plan period and gives top priority to HRD to support the envisaged rate of growth. "We are aiming at graduating from the less developed country status to a developing country status by the year 2020," he said.
In the meeting Bharat Wakhlu, Resident Director of Tata Services Limited, put forward CII's proposal for intensifying people-to-people contact for developing tourism, encouragement to Indian industry to use government credit lines to further project exports in power, machine tools, irrigation, and construction, as well as consultancy of Indian companies in Laos mining and power sectors and services in infrastructure projects.
Govind Hari Singhania, former President of ASSOCHAM, noted that India-Laos trade at USD 2.74 million did not reflect the closeness of bilateral relations; nor did it reflect the tremendous potential that exists. He mentioned mining as an area of collaboration that could yield high dividends for the two countries.
However, D Datta, Chairman of FICCI India-Laos Joint Business Forum & Managing Director of WAPCOS, felt that there was huge opportunity for India and Laos to do business in drugs, pharmaceuticals, chemicals, fertilisers, hydrocarbons, food processing and two-wheelers. "In these areas, Indian capabilities and competitiveness were well known and enhanced cooperation with Laos would benefit both sides," he said. |
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