Business leaders from United States and Laos met regarding important economic changes in the region.
Representatives from the Lao National Chamber of Commerce and Industry and the United States Agency for International Development met Aug. 17 at the the Crowne Plaza Hotel in Vientiane, according to an Aug. 17 news release. The event was called the U.S.-Lao PDR Business Roundtable: Exploring Business Opportunities.
"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," U.S. Ambassador to Laos Peter M. Haymond said in the news release. "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."
Haymond emphasized efforts by Laos' government and the Chamber to help improve the nation's business environment, according to the release. During his own remarks, LNCCI President Oudet Souvannavong expressed his thanks to the United States for is support of Laos' economy.
"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," Oudet said in the news release. "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."
The roundtable was intended as a platform for business leaders from both countries to discuss potential business opportunities and forge connections with an eye toward enduring business partnerships, the release reported. The event attracted representatives from major U.S. corporations and more than 20 leading Lao companies.
The roundtable was organized in conjunction with an official visit by a delegation from Washington, D.C.-based U.S.-ASEAN Business Council to assist Lao and U.S. businesses consider trade and investment expansion to benefit both nations, according to the release. The delegation's visit was the first to Laos since 2018.