Large amounts of foreign investment will be required if Laos is to succeed in implementing its five-year plan for economic and social development. These are the thoughts of an official of the Lao Ministry of Planning and Investment, speaking at the Laos-China Trade and Investment Seminar on Sept 19.

According to the 7th Five-Year Plan for Economic and Social Development (2011-2015), as rolled out by the Laos investment department, major targets include maintaining an annual growth of 8 percent of GDP and to exit the list of the least developed countries (LDCs) by 2020.

Speaking at the seminar, officials with the ministry said that with the launching of the plan, the top priority is to attract foreign investment and support.

Laos has attracted more than $18.74 million of foreign investment over the past five years and the money has been used to build two large hydropower plants and five medium-sized ones. It is estimated that nearly $2.3 billion of foreign investment will be brought in during the next five years.

The official added that the country would strive to attract more investments in agricultural, energy and tourism development sectors.