Australia and Laos elevated their relationship to a Comprehensive Partnership this week at the ASEAN-Australia Special Summit, marking a historic milestone in relations between our two countries.
AustCham Lao Board Member and President of AustCham ASEAN, Brendon Bangma, meets with Anoulack Chanthivong, Lao-born NSW Minister for Industry and Trade.
At the same time the Australian Government announced an AU$2 billion fund to boost Australian trade and investment in Southeast Asia.
The fund was a key recommendation from the Special Envoy for Southeast Asia, Nicholas Moore, who developed Australia’s Southeast Asia Economic Strategy to 2040.
The new fund, the Southeast Asia Investment Financing Facility, will have a focus on clean energy and infrastructure, two areas that were highlighted in the strategy as areas for targeted investment in Laos. This development represents an incredible opportunity for businesses already operating in Laos and those considering investing in this great country.
This week AustCham Lao has been attending the ASEAN-Australia Special Summit, represented by Brendon Bangma, board member of AustCham Lao and President of AustCham ASEAN. He has been promoting Laos as an investment destination.
He has met with a number of representatives including the Investment Promotion Department of the Ministry of Planning and Investment, as well as facilitating a meeting between the Prime Minister of Laos, Dr Sonexay Siphandone, and Deputy Prime Minister of Laos and Minister of Foreign Affairs, Mr Saleumxay Kommasith met with the CEO of Linfox logistics company, Mr Peter Fox.
The strengthening ties between the governments and private sectors of our two great countries highlight the increased opportunities for further Australian investment in Laos. The Southeast Asia Investment Financing Facility will only broaden these opportunities.
Australian investment in Laos is already significant. Laos’ economic growth over the past decades was built on the development of the mining and energy sectors, due in no small part to substantial Australian investment in these sectors.
We are proud to represent Australian companies who have contributed significantly to both the economic growth of Laos and to the development of the business culture. Australian businesses have led the way in Corporate Social Responsibility, Responsible Business Conduct, and Environmental, Social, and Corporate Governance.
The deepening of the relationship between our governments and private sectors can only serve to benefit the peoples of our two countries.
The new opportunities presented by this deepening relationship, supported by the Southeast Asia Investment Financing Facility, have the potential to bring a new wave of Australian investment to Laos.