Lao Cai ready to facilitate Indian investors

Phong stated that he expects Indian investors to soon come to Lao Cai and play a leading role in developing a herbal medicine processing industrial zone in the province.

Lao Cai therefore pledges to always accompany and offer favourable conditions for Indian businesses and investors to allow them to make successful, sustainable, and long-term investments there, the official said.

Giang Thi Dung, vice chairwoman of the provincial People's Committee, briefed participants on the province's strengths, including the famous resort town of Sa Pa, hundreds of mineral mines with large reserves, and about 850 species of medicinal plants.

Furthermore, the locality is offering incentives and investment support mechanisms in a bid to attract further foreign investment, she said.

Dung also proposed specific areas of co-operation and investment for Indian businesses, including medicinal herb processing, tourism, high-tech agriculture, and high-tech industry.

Ambassador to India Nguyen Thanh Hai affirmed that the relationship between the nation and India is thriving across multiple fields, particularly in economics, trade, investment, and tourism.

However, he said that development remains far from matching their political and cultural relationship, as well as the high trust that exists between the two countries.

According to him, connectivity represents one of the most important drivers for the development of trade, tourism, and investment.

Indian delegates affirmed that the nation, and Lao Cai in particular, are top destinations for Indian investors and tourists thanks to the open business and investment environment, a dynamic economy, friendly people, and outstanding natural beauty.

At the conference, both sides’ agencies and businesses signed six Memorandums of Understanding.