Tag Archives: Laos

Permanent Residency Status to Foreign Investors

Newsroom24x7 Staff

india permanent residencyNew Delhi: The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.

The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme. Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.

The PRS will be granted for a period of 10 years with multiple entry. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice. The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents. In order to avail this scheme, the foreign investor will have to invest a minimum of Rs. 10 crores to be brought within 18 months or Rs.25 crores to be brought within 36 months. Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.

Permanent Residency Status will be granted for a period of 10 years initially with multiple entry facility, which can be renewed for another 10 years. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements. PRS holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.

Cabinet approves creation of a Project Development Fund to catalyse Indian economic presence in Cambodia, Laos, Myanmar and Vietnam

The Union Cabinet has also given its approval to create a Project Development Fund (PDF) with a corpus of Rs 500 Crore for catalysing Indian economic presence in the Cambodia, Laos Myanmar and Vietnam.

The PDF shall be housed in Department of Commerce and operated through the EXIM Bank. The PDF shall be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary.

Background:

CLMV countries namely Cambodia, Laos, Myanmar and Vietnam have a unique position in the regional value chains and offer a gateway for market access to China/EU and other markets due to various trade agreements. The key advantage of positioning India on the regional value chains is securing on a long term basis, a dedicated market for Indian raw materials and intermediate goods besides a dedicated source for inputs and raw materials for Indian industry. While opportunities are a plenty in CLMV region, Indian entrepreneurs’ endeavors in these countries have, thus far, been limited due to limited information, infrastructure and other contingent risks. The PDF shall benefit India’s industrial community for business expansion, and to maintain cost competitive supply chains, besides integrating with global production networks.

Australia launches Australia-ASEAN Council

Newsroom24x7 Desk

australian govtSydney, Australia : With an eye on strengthening partnership bonds between Australia and South East Asian countries, the Australian government launched Australia-ASEAN Council. This initiative will work towards building links between all the countries of South-East Asia.

South-East Asia is the one of the most important strategic and economic regions in the world with a combined GDP of around 2.5 trillion US dollars, and a population of over 620 million people. The 10 member nations of ASEAN now represent almost 15 per cent of Australia’s total trade, with two-way trade valued at almost $100 billion in 2014. The 10 member ASEAN countries include Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.

The Australia-ASEAN Council will shape Australia’s engagement with South-East Asia and strengthen partnerships through stronger business, education, science, arts and cultural links. It will also work closely with the New Colombo Plan and Australia Alumni networks to facilitate ongoing links between individuals and organisations.

Friends of the Lower Mekong and the sustainabilty initiative

Newsroom24x7 Desk

Xe DonWashington DC, Feb. 3: Friends of the Lower Mekong, a donor coordination group, have come together with the countries of the Lower Mekong to discuss the connection between water resources, energy needs, and food security.

Carrying forward this objective, US Counselor Tom Shannon and Senior Advisor to the Secretary Ambassador David Thorne led a U.S. delegation to the Extraordinary Meeting of the Friends of the Lower Mekong in Pakse, Laos on Monday. Accompanying Mr. Shannon and Ambassador Thorne were representatives from the U.S. Army Corps of Engineers, U.S. Agency for International Development (USAID), Environmental Protection Agency, and the Department of Energy.

The health of the Mekong River is essential to the economic growth and sustainable development of the region. In Cambodia, the Mekong supports the rich biodiversity of a watershed that provides more than 60 percent of the protein intake for the entire country. The river irrigates the “rice bowl” in Vietnam, where more than half of the nation’s rice production is concentrated in the provinces that make up the Mekong delta. In Laos, Thailand, and Burma, the Mekong is an important artery for transportation, a water source for aquaculture and agriculture, and a generator of electricity.

Meeting participants discussed the challenges of ensuring a future in which economic growth does not come at the expense of clean air, clean water, and healthy ecosystems. The meeting brought together senior officials from Laos, Burma, Cambodia, Thailand, and Vietnam alongside representatives from the United States, the Mekong River Commission, the Asian Development Bank, the World Bank, the European Union, and the governments of Australia, Denmark, Finland, Germany, Japan, Korea, the Netherlands, and Sweden.

At the meeting, the U.S. delegation announced several new initiatives, including the launch of USAID’s Sustainable Mekong Energy Initiative (SMEI). Through the SMEI, the United States will promote the use of alternative energy and low-emission technologies. The delegation also announced that the Department of State will organize and send a Sustainable Energy Business Delegation to the region later this year.

The U.S. Army Corps of Engineers announced that it will provide technical assistance on hydropower management and the Mississippi River Commission signed a five year extension to its agreement with the Mekong River Commission to exchange knowledge, information, and best practices. In conjunction, Counselor Shannon and Ambassador Thorne announced that the State Department will contribute $500,000 in support of a Mekong River Commission study on the impacts of hydropower on the community and environment.

In a joint statement, the United States agreed to collaborate with the Asian Development Bank, the World Bank, and others to support development of a national energy grid inLaos. When completed, this national energy grid will help provide stable, reliable electricity to millions of people throughout the country. Counselor Shannon announced that the State Department is working with the U.S. Department of Energy and the Government of Laos to develop a “smart hydro” project that will increase the efficiency and environmental sustainability of its existing small hydropower assets and help build technical capacity in hydropower management.

The Friends of the Lower Mekong will also work together to strengthen the capacity of Lower Mekong countries to more effectively implement social and environmental safeguards such as environmental impact assessments and strategic environmental analyses. The U.S. Government, Asian Development Bank, World Bank, Japanese International Cooperation Agency, and the Government of Australia plan to jointly develop a Regional Impact Assessment Training Center at the Asian Institute of Technology Center in Vietnam.

Under the auspices of the Lower Mekong Initiative, the United States is continuing successful projects like Smart Infrastructure for the Mekong (SIM) to provide technical assistance to the region on land and water use management, renewable energy, and infrastructure development. This year, $1.5 million will be spent on SIM projects in the Mekong region.

US secretary of State John Kerry even shared his personal vision for promoting sustainabilty of the Mekong in an op-ed on Foreign Policy

 


Laos, officially the Lao People’s Democratic Republic, is a landlocked country in Southeast Asia, bordered by Burma and the People’s Republic of China to the Northwest, Vietnam to the east, Cambodia to the South, and Thailand to the West.

Pakxe is the capital and most populous city in the southern province of Champasak, making it the third most populous city in Laos. Located at the confluence of the Xe Don and Mekong Rivers (wikipedia)