VIENTIANE: Laos' government and its development partner will set up a joint venture company to develop the domestic tourism sector by making full use of the country's visitor attractions.
To ensure that the development of the sector meets set goals, the Department of State-owned Enterprise Reform and Insurance under the Lao Ministry of Finance inked an agreement with the Lao Tourism Industry Development Co, Ltd to set up the Lao State Joint Venture Tourism Industry Co, Ltd.
The signing ceremony, held in Lao capital Vientiane on Friday (June 14), was witnessed by Lao Deputy Minister of Finance Phouthanouphet Xaysombath, Lao Deputy Minister of Information, Culture and Tourism Darany Phommavongsa, officials from line ministries and representatives of investment partners, Lao national TV reported on Monday.
The establishment of the Lao State Joint Venture Tourism Industry Co, Ltd aimed to turn the Lao tourism sector into a modern industry, as well as promote the preservation of natural, cultural and historical tourism resources.
These resources will be fully tapped and their value as tourist attractions and investment potential maintained.
More than 1.1 million foreign tourists visited Laos in the first three months of 2024, an increase of 36 per cent compared to the figures for the same period in 2023.
Laos' Ministry of Information, Culture and Tourism is hoping that more than 6 million Lao and foreign tourists will take trips in Laos in 2024.
Tourism-related activities will provide income for local communities and the public as well as contribute to economic development and the growth of a green and sustainable society.
Laos is rich in tourism resources, including natural, cultural and historical attractions, which will be used to spur the development of a modernized tourism industry, earn significant revenue for the government and local communities, and create job opportunities for the Lao people. - Xinhua
