Chua, in a report to the Department of Foreign Affairs, disclosed that a delegation of Filipino businessmen have now communicated to the Laos government their intention to set up business ventures there.
These are Tomas Chua, president of T.C. Builders’ Suppliers Inc., Guillermo G. Nocom of A. Tung Chungko Trading, Inc., Philip A. Nocom of Ansa Genetics, Inc. and Innovation Marketing Solutions, and King Nocom of Grupo Nox International.
Chua accompanied the businessmen in their trip to Laos two weeks ago. They are interested in setting up a garments factory, veneer, plywood manufacturing plant, food canning and agri-cattle industries.
"Although a communist country, Laos is encouraging the entry of capitalists," Chua said, adding that "there is no peace and order problem." He also said that policemen do not carry guns.
Chua said Laos encourages the repatriation of capital and that the country has untapped natural resources.
The Philippine envoy has been successful in explaining to businessmen their concerns about Laos. The Laos government, he explained, has "adapted the capitalist system of private ownership and welcomes private investments to support its efforts to develop the country."
Chua’s plans include a countertrade program whereby Philippine-made jeepneys can be exported to Laos in exchange for timber and an increase in trade between the two countries.