Latest news with #Sonexay
The Star
10 hours ago
- Business
- The Star
Laos eyes more Malaysian investments
VIENTIANE: Prime Minister Sonexay Siphandone has called for deeper business cooperation and more Malaysian investments in Laos, saying the country offers strategic advantages and strong potential in key economic sectors. 'Many sectors of the Lao economy have potential for foreign investment, including Malaysian financiers,' the Prime Minister said while addressing the High-Level Laos-Malaysia Business Forum held recently in Kuala Lumpur. Malaysia is Laos' fourth-largest foreign investor, with total investment valued at US$946 million across 88 projects. The business forum brought together more than 180 participants from both countries, including government officials, ambassadors, and business leaders in energy, trade, agriculture, banking, tourism and logistics. Prime Minister Sonexay participated in the business forum during his official visit to Malaysia to attend the 46th Asean Summit. The event was jointly organised by the Lao National Chamber of Commerce and Industry, the Malaysian Business Council in Laos and the Federation of Malaysian Manufacturers, with support from the Ministries of Industry and Commerce and Planning and Investment, and Mega First Corporation. In his keynote address, Prime Minister Sonexay said Malaysia remains one of Laos' most significant foreign investors, with companies successfully operating in energy, infrastructure and financial services. Prime Minister Sonexay urged Malaysian companies to explore investment opportunities in agriculture, green energy, food processing, mining, logistics, digital tourism, and carbon credit markets. He pointed to Laos' 21 special economic zones, including the Amata and Sino-Agri Potash SEZs, as attractive areas for industrial and manufacturing investments. Malaysian investments into Laos span sectors such as renewable energy, transport, telecommunications, construction, banking and hospitality. The Prime Minister also outlined recent government reforms to improve the business climate, including the revision of the Investment Promotion Law in 2024, streamlined procedures, and new digital platforms for business registration and tax services. He said the Lao government is committed to supporting foreign investors and has created mechanisms such as the Lao Business Forum to ensure regular dialogue between the public and private sectors. Prime Minister Sonexay said the Laos-China Railway, upgraded road networks, new expressways, dry ports, and the recent launch of berth 3 of Vung Ang Port in Vietnam have significantly enhanced Laos' connectivity and cut transport costs. 'We have expanded connectivity with neighbouring countries by establishing ourselves as a regional transportation hub,' he said. Another notable recent development is the signing of a Memorandum of Cooperation between the Thanaleng Dry Port in Laos and Malaysia's Penang Port. This agreement aims to strengthen logistics and transport links by creating a strategic trade corridor connecting southern China to Malaysia's west coast via Laos and Thailand. 'This forum marks an important step forward in building lasting partnerships. I invite Malaysian businesses to visit Laos, explore our investment opportunities and grow with us,' he said. In 2024, the total trade between Laos and Malaysia exceeded US$43 million, up from US$30 million in 2023, according to the Lao Ministry of Foreign Affairs. - Vientiane Times/ANN
The Star
3 days ago
- Business
- The Star
Lao economic indicators show signs of recovery amid global uncertainty
Tourists visit the town of Luang Prabang, a Unesco world heritage site in Laos, July 15, 2022. Foreign tourist arrivals rose by 21 per cent year-on-year to 4.12 million, generating US$1.13 billion in revenue. - Xinhua) VIENTIANE: The Lao government has observed encouraging signs of economic recovery, despite ongoing domestic economic difficulties and global turbulence. Inflation dropped to 8.3 per cent in May, marking the first single-digit rate since May 2022. This reflects a steady decline over 11 consecutive months since June last year, easing the price hikes that had affected the country for years. Improved revenue collection also supported fiscal operations, with government earnings reaching 93 percent of the first half-year target, amounting to 31,773 billion kip (US$1.476 billion). However, expenditure reached only 56.26 per cent, or 21,682 billion kip, of the planned budget. 'The government will strive to meet or exceed its revenue targets,' the government spokesperson Sonexay Sitphaxay told local media on Friday (May 30) following the two-day cabinet meeting for May. Exports (excluding electricity) rose 16.2 per cent from the previous month to over US$662 million (14,284 billion kip), resulting in a trade surplus of over US$14 million (302 billion kip). Increased exports have strengthened foreign reserves, now sufficient to cover at least five months of imports. 'Debt servicing for both domestic and external obligations is proceeding as planned,' added Sonexay, who also serves as Minister to the Prime Minister's Office. Chaired by Prime Minister Sonexay Siphandone, the monthly cabinet meeting reviewed implementation of the socio-economic development plan and expected performance for the first half of 2025 and preparations for the second half. The government has set a growth target of 4.8 per cent this year, up from 4.6 per cent in 2024. The cabinet noted that efforts to ramp up domestic production and reduce imports are gaining momentum, as Laos is becoming largely self-sufficient in producing staple foods to meet domestic consumption needs. Meanwhile, tourism continues to rebound, thanks to improved transport networks and promotional campaigns under the Visit Laos Year 2024 initiative. Foreign tourist arrivals rose by 21 per cent year-on-year to 4.12 million, generating US$1.13 billion in revenue. The cabinet also discussed measures to further develop transport infrastructure. Key projects include the nearly completed bridge across the Mekong River linking Lao Xayaboury and Bokeo provinces, and the Fifth Lao-Thai Friendship Bridge connecting Borikhamxay province with Thailand's Bueng Kan province, set to open by year-end. These projects are expected to boost trade and regional connectivity. Efforts are underway to enhance passenger and freight transport, leveraging the Laos-China and Laos-Thailand railways and the Thanaleng Dry Port - Laos integrated logistics hub. Investment promotion remains a priority with effort being accelerated to improve the business environment. In May alone, seven new projects were approved, worth more than 9,244 billion kip and US$3 million (more than 64 billion kip). Looking ahead, the cabinet outlined key actions for the coming months, including strengthening foreign reserves, centralising foreign currency exchange, prioritising essential imports, monitoring goods price in local markets and enhancing revenue collection mechanisms. Other priorities include regulating movement of and certifying concentration of minerals, repairing disaster-hit infrastructure, expanding vocational training, and creating jobs. To support long-term growth and stability, the cabinet approved in principle seven strategic documents. These include draft strategies on state finance through 2035 and a vision for 2040, as well as draft decrees on direct borrowing, One District One Product, startup promotion, and tourism attraction management. The draft Five-Year National Socio-Economic Development Plan for 2026–2030 was also presented at the meeting. - Vientiane Times/ANN
The Star
5 days ago
- Politics
- The Star
'They must be protected': Lao PM pledges to safeguard children's rights
VIENTIANE (Xinhua): Ahead of the International Children's Day on June 1, Lao Prime Minister Sonexay Siphandone extended warm wishes to all Lao children and youth, reaffirming the government's commitment to advancing and protecting children's rights. Local Pasaxon newspaper reported on Friday that in his message, Sonexay extended heartfelt wishes, love, and warm greetings to all children and youth of Laos, from every ethnic group, both at home and abroad. He expressed hope that they grow up happy, physically, mentally, and intellectually strong. He also added the govt will do all to ensure their children become responsible, disciplined, honest, creative, and confident individuals who seek to develop new skills and adapt to a changing world. - Xinhua
New Straits Times
25-05-2025
- Business
- New Straits Times
Laos prime minister accorded official welcome
PUTRAJAYA: Laos Prime Minister Sonexay Siphandone and his delegation were given an official welcome by Prime Minister Datuk Seri Anwar Ibrahim at Perdana Putra this morning. Accompanied by his wife, Vandara Siphandone, Sonexay was also greeted by Cabinet ministers, Datuk Seri Dr Wan Azizah Wan Ismail, and senior Malaysian officials. Upon arrival, Sonexay inspected a ceremonial guard of honour comprising 103 personnel and three officers from the 1st Battalion Royal Malay Regiment, led by Major Muhammad Fikri Senan. This visit marks his inaugural trip to Malaysia. Following the official welcome, Sonexay and Anwar held a bilateral meeting, likely focusing on advancing ties in trade, investment, defence, education, renewable energy, tourism, capacity building, agriculture, and the halal industry. Discussions are also expected to cover regional and global developments, with emphasis on strengthening Asean as a responsive platform amid geopolitical and economic challenges. Sonexay's visit precedes the 46th Asean Summit, the 2nd Asean-Gulf Cooperation Council (GCC) Summit, and the Asean-GCC-China Summit in Kuala Lumpur. In 2024, bilateral trade between the two nations reached US$21.9 million, with Malaysia as Laos' fifth largest foreign investor, boasting US$942 million in investments and 46 registered projects.
