Aquino Arrives In Laos To Attract Investors

VIENTIANE — President Benigno S. Aquino III arrived at Wattay International Airport at 2:45 p.m. (3:45 p.m. Manila time) yesterday as he officially began his visit to Lao Peoples’ Democratic Republic (Lao-PDR) for the 9th Asia-Europe Summit (ASEM).
Aquino is setting his sights on greater business tie-ups with the Laotian business community and European market while participating for the first time in ASEM.
Aquino is expected to showcase the Philippines as “Open for Business” to woo potential Lao, European,  and other Asian businesses to invest in the country.
The Philippines is particularly bent on opening investments in the area of energy, agriculture, mining, textiles, and tourism.
Upon his arrival, Aquino was welcomed by Lao executive officials including Hiem Phommachanh, Minister of Post, Telecommunication and Communication; Malayvieng Sakonhninhom, Ambassador of Lao People’s Democratic Republic to the Philippines; Anouphab Tounalom, Vientiane vice mayor; Sisavath Inphachanh, director general, consulate department; Vatlana Boupha, liaison officer to President Aquino; Soulideth Kongthavisay, security officer to the President.
Philippine Ambassador to Laos Maria Lumen B. Isleta, Department of Foreign Affairs European Affairs Office Assistant Secretary Elizabeth Buensuceso and Defense and Armed Forces Attache Col. Manny Gonzales were also part of the reception ceremony.
Accompanying Aquino were newly appointed Secretary to the Cabinet Jose Rene Almendras, Foreign Affairs Secretary Albert Del Rosario, Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma, National Economic Development Authority (NEDA) chief Arsenio Balisacan, Trade and Industry Secretary Gregory Domingo and Finance Secretary Cesar Purisima.
Isleta said after the ASEM 9 summit, the Philippine embassy in Laos will hold an inaugural meeting of the Philippine Chamber of Commerce and Industry and their counterpart Lao National Chamber of Commerce and Industry.
According to Isleta, the Lao chairman of the Philippine-Lao PDR Business Council which is based here “has graciously offered to host a delegation from the Philippines and have the meeting arranged with key government officials and also private sector groups.”
“Apart from that, as early as June, we already had another Philippine outbound business mission that already came over to explore the possibilities for greater business tie ups,” Isleta said.
She said the official visit of the Prime Minister of Laos His Excellency Mr. Thongsing Thammavong helped pave the way for bilateral activities between the Philippines and Laos.
“So, there has been reinvigoration of our ties with Laos and we look forward also to the holding of the joint commission on bilateral cooperation (during) the first half of next year and during this joint commission meetings we normally go through the whole stance of cooperation between our countries,” she said.
The Philippine National Statistic Coordination Office has noted that in 2010, there are no recorded investments by Lao in the Philippines and vise versa, making investments with Lao PDR ripe for the opening.
Aquino started his Laos trip meeting the Filipino community here. There are around 556 Filipinos in Laos. A large number of the overseas Filipino workers (OFW) based here work in the mining industry.
In 2011, Laos ranked as the Philippines’ 136th export market and 129th import source. Though the country’s trade with Laos has not been large and significant in the past, the Department of Trade and Industry- Bureau of Export Trade Promotion (DTI-BETP) has made progress in this market.
Total trade with Laos reached $698,597 USD in 2011. During the same year, exports to Lao PDR amounted to $611,476 USD, while imports from Lao PDR amounted only to $87,121 USD. The balance of trade, in 2011, is pegged at $524,355USD in favor of the Philippines.
Philippine exports to Lao consisted mainly of cigarette tipping paper, medicaments containing Vitamin C, insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant growth regulators, disinfectants, and similar products put up in forms of packings for retail sale or as preparations or articles, and semi-conductor devices (diodes).
Imports from Lao PDR include prepared glues and other prepared adhesives, personal and household effects of travelers and immigrants; transmission, radar apparatus, reception apparatus for radio telephony and television and other articles of plastics and other materials such as polymers, polyacetals.
The Philippines is also seeking to boost its economic ties with European nations participating in ASEM dialogue.
On the other hand, Europe remains the Philippines’ third and largest trade partner after North America and Asia. In 2011, trade with Europe amounted to about 13 billion US dollars accounting for about 12 percent of Philippine total trade to the world, according to the Department of Foreign Affairs (DFA.
The Philippines welcomes the inclusion of Switzerland, Norway and Bangladesh as a member of the ASEM. Switzerland is a major investor in the country with investments amounting to P2.049-billion. Spain, Finland, Russia are also investment niches the government wants to explore.
Aquino is also set to conduct bilateral talks with heads of the European Council President, European Commission, Italy, Norway, Poland, and Japan.

 By HANNAH L. TORREGOZA