[Tlc] L-Marxist stock market?

[justinm at ucr.edu]

2007-1102 - BKK Post - Laos to launch stock market in three years

http://www.bangkokpost.com/Business/02Nov2007_biz34.php

EQUITY MARKETS / NEW OPENING

Laos to launch stock market in three years

NUNTAWUN POLKUAMDEE

Somsavat: Market will aid development

Laos plans to establish a stock exchange in the next three
years with co-operation from the Stock Exchange of Thailand.

Somsavat Lengsavad, the deputy prime minister of Laos,
yesterday led a delegation to visit the SET.

He said the Laotian government would sign an agreement with
the SET next month that would assist policymakers in
establishing a framework for the Lao capital market.

Laos needs significant capital to develop its economic and
social infrastructure, Mr Somsavat said.

A domestic exchange would assist the country in raising
capital to finance development and achieve the government's
target of alleviating poverty by 2020.

Mr Somsavat said Laos was studying stock exchange systems used
in many countries including China, Vietnam, South Korea,
Malaysia, Japan and Europe.

The new Lao stock exchange's first listings would be
state-owned power companies, he said.

Laos' economy has been strong and is projected to grow 7.6%
this year and 7.5% in 2008.

''We want to develop and upgrade our country to be on the same
level with other countries in the region. Setting up a stock
market is a crucial step for our country,'' Mr Somsavat said.

Thailand was the largest foreign investor in Laos, followed by
Vietnam and Australia. Italian-Thai Development and Ch
Karnchang, two of Thailand's largest contracting companies are
prominent investors in hydropower projects in Laos.

Mr Somsavat said the Lao government was intent on supporting
development in the power, agribusiness and mining sectors. SET
president Patareeya Benjapolchai said the Thai exchange would
help Lao officials set a blueprint for the capital market,
including necessary laws and regulations and accounting standards.

Mr Lengsavad, Laos Finance Minister Somdy Duangdy and Laos
central bank governor Phouphet Khamphoungvong also plan to
meet with with the Bank of Thailand, the Securities and
Exchange Commission and Prime Minister Surayud Chulanont
during their visit this week in Bangkok.

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