(KPL) A Lao delegation, headed by Deputy Minister of Planning and Investment Sthabandith Insixiengmay, participated in the Australia-ASEAN Business Forum 2024, held from August 29-30 in Sydney.

Bringing together over 300 representatives from government and business sectors across the 10 ASEAN member states and Australia, The forum underscored Laos’ commitment to being a vital player in ASEAN’s economic landscape and its readiness to embrace international investment opportunities.

In his keynote address, Deputy Minister Sthabandith highlighted the theme "New Directions and Opportunities," marking the 50th anniversary of ASEAN-Australia diplomatic relations. He noted that this milestone is significant as Australia was the first dialogue partner of ASEAN in 1974. Additionally, 2024 also celebrates 72 years of diplomatic relations between Laos and Australia.

Deputy Minister Sthabandith emphasized Laos’ strategic position as a key hub for ASEAN investments, focusing on priority sectors such as clean agriculture, renewable energy, infrastructure development, transportation and logistics, digital innovation, health, and education. These sectors align with Australia’s Southeast Asia Economic Strategy to 2040. 

Despite global and regional uncertainties, Laos has seen a substantial increase in foreign investments. In 2023, the country approved investments totaling USD 4 billion, nearly double the amount from 2022. This growth underscores the Lao government’s commitment to enhancing infrastructure, creating investor-friendly policies, and improving the overall business environment.

The Lao delegation’s participation was seen as a proactive effort to present Laos' investment strengths and policies, fostering closer economic ties with Australia. They showcased the nation’s investment approval procedures and highlighted opportunities in various sectors, including clean agriculture and carbon credit trading, aligning with global sustainability trends.

Furthermore, the Lao National Chamber of Industry and Commerce and the Australian Chamber of Commerce in Laos exchanged insights on the strengths and achievements of the private sector in Laos.

The Lao delegation also met with Don Farrell, the Australian Minister for Trade and Tourism, where they discussed trade and investment relations between Laos and Australia. It was emphasized that Australian companies are increasingly interested in investing in Laos, particularly in the sectors of clean agriculture, mining, and energy.

KPL