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Section: Media Centre
Level 2: Singapore Businesses See Opportunities in Laos
Welcome Remarks by Dr Robert Yap, Vice Chairman, Singapore Business Federation (SBF) at the
Business Seminar & Networking Session with Lao PDR Business Delegation on Thursday, 20 February 2014 at SBF Seminar Room 2 (21st floor)
Your Excellency Mr Somdy Douangdy, Lao PDR Minister for Planning & Investment (MPI)
Mr Manothong Vongsay, Deputy Director-General, MPI
Mr Oudet Souvannavong, Vice President, Lao National Chamber of Commerce (LNCCI)
Distinguished Delegates from Laos
Ladies and Gentlemen
Good Afternoon.
1. On behalf of the Singapore Business Federation, I would like to extend a very warm welcome to Minister Somdy and your delegation to Singapore.
2.Today’s Business Seminar & Networking Session with Lao PDR Business Delegationis a platform for our Singapore businesses to learn about and explore new opportunities in Laos. It is with great pleasure to have with us prominent Laotian business leaders and knowledge experts to share first-hand information with our participants.
3. Laos joined the World Trade Organisation (WTO) in February 2013 and their GDP growth rate last year was estimated to be at 8.3%. Economic expansion is expected to be at 8.6% in 2014 and 2015, supported by strong growth in investment, particularly in infrastructure and export-oriented manufacturing.
4. We have also heard that several transport infrastructure projects are planned or underway, which included a north-south railway connecting Vientiane and China’s Yunnan province, an east-west railway connecting Thailand and Vietnam across Southern Laos, and new bridges to Myanmar and Thailand. These projects equate to more business opportunities for our businesses, as Laos progresses to be a land-linked country connecting its neighbours – China, Vietnam, Myanmar, Thailand and Cambodia together.
5.As Singapore’s apex business chamber representing more than 20,000 members, Singapore Business Federation continues to create and support more platforms connecting our companies to business opportunities. SBF, together with IE Singapore, co-organised a business mission to Vientiane last September.The mission called on several key government agencies administering business policies and regulations, including the Ministry of Planning and Investment. His Excellency Minister Somdy had graciously hosted us during our courtesy call led by Singapore Ambassador to Laos Ms Kang Siew Kheng.
6.While there are opportunities here for Singapore companies, Laotian companies should also look outwards for opportunities inSingapore and beyond. Singapore continues to be an attractive location for global companies to tap the growth potential of Asia. Singapore’s incoming investment commitments was forecasted to reach between US$8.9 to US$10.5 billion in 2012. With the presence of more than 7,000 multinational corporations in Singapore, coupled with an efficient financial and legal system,Singapore presents a good opportunity for Laotian companies to expand their presence in ASEAN, especially for services related and high-technology sectors.
7.Singapore has been ranked number 1 by the World Bank as the World’s Easiest Place to Do Business, for seven consecutive years to date. It is ranked second by the World Economic Forum in its 2013-2014 Global Competitiveness Index, and was Asia’s leading city in the PwC 2012 Cities of Opportunity Study.
8.With this event, I hope that participants will gain a better understanding of the business environment in both Laos and Singapore, and from here spark off opportunities for mutually beneficial exchanges, bilateral trade and investment, and the strengthening of relations in the longer term.
On that note, I wish all a fruitful session ahead.
Thank you.
About Singapore Business Federation (SBF)
As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore, in trade, investment and industrial relations. Nationally, SBF acts as the bridge between the government and businesses in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking. For more information, please visit our website:
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