Laos-India trade volumes rocket 288% in 2010
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Laos-India trade volumes rocketed 288 percent between 2009 and 2010, Ambassador of India to Laos Jitendra Nath Misra said here.
Jitendra was addressing the Lao-India Business Forum, in celebration of last month’s 55th anniversary of the establishment of diplomatic relations between Laos and India.
He said trade volumes between two countries were worth 37 million U.S. dollars in the 2009-2010 fiscal year, and called upon Indian companies in Laos to consider investing not just in hydropower, mining, electrical transmission and irrigation, where Indian investors are already present, but also in food processing, pharmaceuticals and other areas.
Total Indian investment commitments in Laos have reached almost 600 million U.S. dollars since 2000, while trade between the two nations has steadily increased. India has invested in several sectors including agriculture, industry, education and services in Laos.
From 2000 to 2010, the main products traded between the two nations were metals, ores, machinery and electrical goods, while Indian entrepreneurs have brought substantial foreign direct investment to Laos.
The Lao government requires investment capital of about 15 billion U.S. dollars to boost the economy during the next five years, of which about 50 percent or 7.5 billion U.S. dollars is being targeted from Foreign Direct Investment, aiming to achieve the goals of the seventh five-year socio-economic plan, which include 8 percent annual GDP growth.
Laos is becoming increasingly integrated with the regional and global economy. The World Bank recently commented that the nation has made strong progress in the installation of a modernized electronic customs system, regional cross-border infrastructure improvement, and steps toward World Trade Organization membership.