MITI Urges M'sian Companies To Build Strong Foundation In Laos

KUALA LUMPUR, Aug 3 (Bernama) -- The Ministry of International Trade and Industry (MITI) urged Malaysian companies to build a strong foundation and further expand their presence in Laos to capitalise on the country's huge potential. Its Minister Mustapa Mohamed said Malaysian companies had been playing an important role in the economic as well as social development in Laos and had continued to expand their presence in the republic in the last decade. He noted that there were 20 companies that were actively operating in the Laos in several sectors including hydropower, development of specific economic zones and infrastructure projects, especially railway. "In my meeting with the Malaysian Business Council in Laos on Aug 2, they have urged the Malaysian government to consider having a stronger economic representation in Laos to facilitate dealings between Malaysian companies and the Laos government and other stakeholders," he said in a statement Wednesday. Mustapa said at present, MITI is assisting the Malaysian companies to invest in Laos through its overseas office in Hanoi and the Malaysia External Trade Development Corporation's regional office in Ho Chi Minh City, both in Vietnam. "The Malaysian Embassy in Vientiane, Laos is now focusing more and more on economic and commercial matters," he added. Malaysia's trade with Laos has expanded to US$17.7 million in 2015 from US$2.4 million in 2003. To date, Malaysia's investment in Laos amounted to US$430.2 million, making it the sixth largest foreign investor in the country. Regionally, Mustapa said 1,500 Malaysian companies were also actively involved in the ASEAN region. -- BERNAMA