Although Laos' economy is not as large as Azerbaijan's, the country has attracted approximately $17 billion in foreign direct investment over the past five years, Vanthana Nolintha, Member and Permanent Secretary of the Standing Committee of the Investment Promotion and Management Committee of Laos, said during his speech at the Azerbaijan-Laos Investment and Business Forum held in Baku, APA-Economics reports.
According to him, the sectors attracting the greatest interest from foreign investors in Laos are those related to natural resources:
"Over the past five years, approximately 44% of foreign direct investment has been directed toward the energy sector. In the last two to three years, interest in wind and solar energy has increased further. This is a new investment trend in the energy sector."
He noted that the second major area attracting foreign investment is the services sector related to transport, logistics, and tourism. The mining industry ranks third:
"Laos is a country rich in mineral resources. It has copper, gold, rare earth elements, and other precious metals. Therefore, our mining industry attracts a significant share of foreign direct investment."
He emphasized that the countries investing the most in Laos are mainly those geographically close to the country:
"China, Vietnam, and Thailand have traditionally been our main investors. However, over the past five years, including this year, Vietnam has become Laos' largest investor. Currently, investors from a total of 53 countries operate in Laos. We hope that over the next five to ten years, Azerbaijan will also become one of our major investors and contribute to strengthening economic and trade cooperation between the two countries. For now, however, these are Laos' main investors."
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