Aquino to entice investors from Russia, Finland and Spain at Laos conference
President Benigno Aquino III. MALACAÑANG PHOTO BUREAU
VIENTIANE, Laos—President Benigno Aquino III will promote mining, energy, tourism, textiles, and agriculture as sectors to invest in during the 9th Asia Europe Meeting in the Latioan capital, where he will declare the country “open for business.”
According to a palace statement, Aquino will also talk about prospects in these sectors with Lao businessmen as part of efforts to jumpstart sluggish business relations with Laos, a country of only six million people.
The chief executive likewise intends to meet with European leaders to drum up more investments in the Philippines. The country hopes to entice ventures from Russia, Finland, and Spain, in particular.
Europe is the Philippines’ third largest trade partner after North America and Asia. Trade with Europe amounted to $13 billion in 2011, while investments from the European Union reached P33.3 billion.
At present, Lao PDR has no recorded investment in the Philippines. Likewise, Filipinos have not made any investments in Lao PDR.
“However, the Philippines hopes to strengthen its relationship with Laos through the promotion of specific sectors such as in agriculture, textile, mining, energy, and tourism,” according to a palace statement.
Business relations between Laos and the Philippines are expected to be advanced when the newly formed Lao-Philippine Business Council here hosts a Philippine delegation a week after the Asem summit, according to Philippine ambassador Lumen Isleta. The delegation will meet with Lao government officials and the private sector groups.
According to Isleta, the official visit of Lao Prime Minister Thongsing Thammavong to the Philippines in May sparked renewed business ties between the two countries.
The prime minister’s sojourn led to the forging of an agreement between the Philippine Chamber of Commerce and Industry and its counterpart in Laos, which led to the creation of the Lao-Philippine Business Council to spur growth between the two countries through various programs and joint ventures.
Isleta noted that in June, a Philippine trade mission visited Laos to explore avenues for business.
“So, there has been a reinvigorating of our ties with Laos,” she said.
Next year, the Joint Commission on Bilateral Cooperation will meet to talk about areas where the two countries could work together, she said. Projects on education, agriculture, and women and gender issues are being eyed.
Despite the lack of investments between Laos and the Philippines, trade between the two countries amounted to $698,597 million in 2011. As of last year, Laos was the Philippines’ 136th export market and 129th source of imports.
The Philippine exports to Laos include semiconductors, insecticides, pesticides, disinfectants, and cigarette tipping paper. Philippine imports from Laos include prepared glue and other adhesives, parts and accessories of surveying equipment, and plastic articles.
On the sidelines of the Asem summit, the President will conduct bilateral meetings with counterparts from the European Council, European Commission, Italy, Norway, Poland, and Switzerland.
The topics up for discussion in these bilateral meetings include the European Union’s concern about the Philippines’ maritime training and certification system and compliance with air safety standards, cooperation in disaster risk reduction and management, the peace process, maritime and labor cooperation, and defense and higher education.
President Aquino is also expected to make migration issues a priority, considering that the Philippines sends a lot of Filipino workers to other countries. Europe is host to 746,701 Filipinos, and 25 percent of Filipino seafarers abroad work on European vessels.
Energy security will also be a priority. Other matters up for discussion at the Asem summit are the Eurozone crisis, climate change, and sustainable development.
