Vientiane, 19 August 2022 (TDI): The United States Agency for International Development (USAID) and the Lao National Chamber of Commerce and Industry (LNCCI) hosted the “US-Lao PDR Business Roundtable: Exploring Business Opportunities.”
The event took place on Thursday in the Capital of Laos.
The event’s purpose was to help leading businesses of Laos and the US increase their coordination. Because the cooperation will be beneficial for the two countries.
Notably, the event was organized when a delegation of the Washington-based US-ASEAN Business Council went on an official visit to Laos.
The US Ambassador to Laos, Dr. Peter M. Haymond, and the President of Lao National Chamber of Commerce and Industry (LNCCI), Oudet Souvannavong, chaired this event. This roundtable brought leading business corporations from the US and Laos together.
Moreover, the event presented an opportunity for the business leaders to interact. Along with finding the potential sectors in which further business and trade relations can be developed.
Statement by the US Ambassador
In the roundtable, the US Ambassador to Laos, Dr. Peter M. Haymond, appreciated the efforts of Laos and LNCCI to provide a better business environment.
He stated, “This is a critical moment for the government and the private sector to work together to address barriers to investment, accelerate economic growth, and create employment opportunities for the modern economy.”
“Our goal is to assist the Lao PDR in helping its businesses thrive, recover from COVID-19, and create jobs in support of President Biden’s goal to help the world build back better after COVID.”
Statement by President of LNCCI
On this occasion, the President of the LNCCI, Oudet Souvannavong, thanked the US and USAID. He appreciated the initiatives to promote international trade and investments in Laos to boost its economy.
He stated, “Lao PDR trade with the United States has grown in the last decade following the implementation of the Bilateral Trade Agreement in September 2003 and the Trade and Investment Framework Agreement in February 2016.”
“During the first six months of 2022, trade between the United States and Lao PDR amounted to $172 million USD and investment for the USA amounted to $2.4 million USD. Trade and investment figures look moderate, but they are growing in acceptable paths,” he added.
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