Construction businesses are expected to continue growing over the next five years as the country is developing.

There are opportunities to attract foreign companies to expand their businesses in Laos, according to Director of SC Design and Construction, Vidaly Chanthaphasouk.

The Ministry of Planning and Invest ment reported that over the la st 11 months of the 2014-15 fiscal year, some 1,589 projects were carried out in Laos with a total value of US$2.9 billion.

This will help to drive construction investment enlargement as the inflow of foreign companies to Laos continues.

Vidaly said at present, there are several meetings underway among construction companies in Aseanmember countries to exchange information, which will add potential to expand investment growth among its members.

Recently, construction companies from Malaysia, Cambodia, and Singapore expressed interest in partnering with Lao companies.

Lao companies have also provided their partners with consultation exchanges after they sought information about investing in Laos.

However, while there are several foreign construction companies interested in investing in Laos local companies are still not able to invest overseas due to a lack of basic knowledge on investment.

Vidaly believed AEC would open chances for Asean companies to seek investment exchanges. However, Lao construction companies still need more time to improve their quality before they think about expanding overseas.

Asean common regulations will make it easier to pursue cooperation and investment when the time is right, he added.

Presently, Vidaly observed, a number of Lao companies have been travelling abroad to learn more about other companies’ operations and examine potential opportunities.