New Delhi [India], June 3 (ANI): Laos Deputy Prime Minister Thongsavan Phomvihane on Wednesday invited Indian businesses to explore investment opportunities in Laos, highlighting the country's political stability, strategic location and commitment to green growth and digital transformation as key advantages for investors.

Speaking at the India-Laos Business Forum, Phomvihane said the event marked an important step towards strengthening bilateral economic cooperation and expanding trade and investment ties between the two countries.

'Today's forum serves as a landmark occasion to commemorate the historic anniversary of our independence,' he said, adding that India and Laos have witnessed growing cooperation across multiple sectors over the years through frequent high-level exchanges and official visits.

Emphasising Laos' approach towards foreign investment, the Deputy Prime Minister said the country was looking beyond capital inflows and seeking long-term partnerships that contribute to sustainable development.

'In Laos, we do not simply seek investors; we seek strategic partners. We are fully committed to working with you to co-create sustainable solutions, leverage our growing digital infrastructure, build resilient regional and international supply chains, and promote shared prosperity,' he added.

The Deputy Prime Minister said the strong political relationship between the two countries has translated into 'tangible economic partnerships' and noted that bilateral trade between India and Laos has exceeded USD 82 million.

According to Phomvihane, the country's exports to India stood at over USD 50 million, while imports from India were valued at around USD 30 million.

'Our robust political ties have successfully translated into tangible economic partnerships in many forms. Our total bilateral trade exceeded USD 82 million, of which Lao PDR's exports to India amounted to more than USD 50 million, while imports from India totalled around USD 30 million', he said.

He highlighted Laos exports of electrical and electronic equipment, agricultural products and manufactured goods to India, while importing vehicles, machinery, pharmaceutical products, textiles and electronic materials from the Indian market.

'This has led to further expansion of trade, the creation of new opportunities, and strengthened goodwill between our two nations,' he said.

Expressing confidence in the outcomes of the business forum, Phomvihane said the platform would act as a 'vital milestone' in deepening economic engagement and facilitating business partnerships between companies from both countries.

'It will act as a catalyst for meaningful business engagements, facilitate negotiations, foster deeper mutual understanding, expand corporate networks, and unlock new opportunities in trade, investment, and services,' he said.

Pitching the country as an attractive investment destination, the Deputy Prime Minister said the country is among the most politically stable nations in the region, offering a predictable and secure environment for long-term business operations and foreign investments.

He further highlighted Laos' strategic location in the heart of the Mekong sub-region, sharing borders with five countries, which positions it as a gateway connecting regional and international markets.

Phomvihane identified agriculture and agro-processing, cultural and eco-tourism, industrial development and special economic zones as the four priority sectors being promoted by the Lao government to drive economic growth and transform the country into a regional production and processing hub.

On the policy front, he said the Laos government has introduced several reforms to modernise the investment climate through the implementation of the Law on Investment Promotion and related regulations.

These measures include streamlined investment procedures, expanded digital government services and competitive tax and financial incentives for investors.

Inviting Indian companies to strengthen their presence in Laos, the Deputy Prime Minister reiterated his government's commitment to enhancing bilateral economic cooperation and creating new opportunities for businesses from both countries. (ANI)