by Bounfaeng Phaymanivong
VIENTIANE (Vientiane Times/ANN) - The ongoing trade tensions are likely to create uncertainty globally but will also provide a golden opportunity for Laos as the country has potential in agricultural goods that are in high demand in foreign markets, according to a senior ANZ specialist.
During a comprehensive presentation at yesterday’s Food, Beverage and Agribusiness Forum 2019 in Vientiane, the Head of ANZ’s Food, Beverage and Agribusiness, Mr Patrick Vizzone, said opportunities exist for Laos in marketing animal proteins such as pork and beef as well as fruits.
The event was aimed at promoting local and foreign direct investment in the food, beverage and agriculture sectors.
“China will provide a fertile market and is also a natural capital provider. Still, joint ventures need to be properly structured with a supportive policy environment,” he said.
Mr Vizzone said green production coupled with national branding could be a key differentiator for Laos, while capital directed towards sustainable projects may allow the country to access deep pools of funding.
The Deputy Minister of Agriculture and Forestry, Dr Bounkhouang Khambounheuang, said at the forum that the government emphasises the importance of agriculture as a strategic priority directly related to poverty reduction.
Executive Consultant for SHH Agriculture Development, Ms Toomkham Phoungmachan, said her company is engaged in clean agriculture through an organic banana plantation in Savannakhet province and the crop is sold to foreign markets.
“Obviously, demand for healthy fruit is relatively high but we need urgent assistance from the government to manage with zoning for agribusiness, where we can easily access facilities, especially electricity,” she said.
President of the Lao National Chamber of Commerce and Industry (LNCCI), Mr Oudet Souvannavong, said the organisation has been working hard to nominate the private sector in bridging gaps with the government to improve the business environment.
“Several important issues are being implemented or will be addressed by LNCCI in collaboration with the government, including improving the business climate, SME promotion as a key service provider, promotion of Lao products and Lao branding,” he said.
In addition, a database with business information is being created to ensure foreign investors or businesspeople are able to access information about business conditions in Laos, Mr Oudet told the gathering.
The forum also discussed the potential for Laos to enhance investments in food, beverages and agriculture and to increase the GDP contribution from this sector.
Several ANZ specialists took to the stage to provide industry insights and expertise and knowledge regarding agriculture in Laos, the region and the world.
ANZ Laos and the LNCCI co-hosted the Food, Beverage and Agriculture Business Forum 2019. The first such forum was held in Vientiane last year.
