The 10th Australia-ASEAN Business Forum in Sydney, between 29-30 August 2024, was a pivotal event for fostering regional economic cooperation. Laos, represented by a delegation led by H.E. Ph.D. Sthabandith Insisienmay, Vice Minister for Planning and Investment with the representative from Investment Promotion Department, Ministry of Planning and Investment Lao PDR, Department of Planning and Cooperation, Ministry of Agriculture and Forestry and Lao National Chamber of Commerce and Industry, actively engaged in the discussions and networking sessions. The event welcomes more than 300 people government officials and investors from 10 ASEAN Member States and Australia.
Vice Minister Insisienmay, in his keynote address, highlighted Laos’ trade and investment potential especially in sectors like clean agriculture, renewable energy, infrastructure development, logistics, digital innovation, public health, and education. These sectors align with the Australia’s Southeast Asia Economic Strategy to 2040, making Laos an attractive destination for Australian investors.
Despite global decline in foreign direct investment (FDI) inflows, ASEAN and Laos saw anincrease in FDI in 2023. This reflects the region’s resilience and attractiveness for business. Laos’ government has implemented various measures to improve its investment climate, including legal reforms, infrastructure development, and streamlined business procedures.
At the Forum’s Country Showcase session, Lao delegation highlighted the country’s investment potential and emphasising opportunities in green agriculture and carbon trading. The Lao National Chamber of Industry and Commerce and the Australian Chamber of Commerce in Laos shared insights on doing business in Laos.
During this visit, Vice Minister Insisienmay and his delegation met with Senator the Hon. Don FARREL, Australian Minister for Trade and Tourism and the Hon. Anoulack CHANTHIVONG, New South Wales Minister of Trade. They discussed the trade-investment potential between Laos and Australia, noting a growing interest from Australian companies in investing in Laos, particularly in clean agriculture, minerals, and energy. The Australian government expressed their commitment in assisting the region, including Laos, in building more robust and resilient economies through existing and future development cooperation.
The delegation meetings with Australian businesses including Linfox and AgCoTech were successful. The Chairperson of AgCoTech’s parent company, Four Seasons Pty Ltd, is Australia’s Business Champion for Laos, responsible for deepening economic engagement between the two countries. The Business Champion has plans to bring business missions to Laos, a testament to the growing interest in the region.
