The first securities exchange in Laos, a joint-venture between Laos and the Republic of Korea (RoK), opened for business on October 10 in the capital, Vientiane.
On addressing the opening ceremony, Laos Deputy Prime Minister and Chairman of the Securities Commission Somsavat Lengsavad highlighted the importance of a securities market when raising capital for the country’s socio-economic development.
The Laotian government is about to launch its seventh five year socio-economic development plan for the period 2011-2015. The main objectives of the plan are to eradicate poverty, reach the UN’s Millennium Development Goals (MDGs) and create the best possible conditions to take Laos of the list of the world’s under developed countries by 2020 and lay the foundations for the country’s industrialisation and modernisation, said Somsavad.
He added that it was essential for Laos to raise significant funding and professionally qualified human resources to boost its integration into the world international arena./.