On 5 September 2016, the 2016 ASEAN Business & Investment Summit was opened in Vientiane. The Summit was organized by ASEAN Business Advisory Council (ABAC) and the Lao National Chamber of Commerce and Industry. The theme of the Summit was“Operationalizing the AEC-Turning Vision into Reality”. H.E. Mr. Thongloun Sisoulith, Prime Minister of Lao PDR, Mr. Oudet Souvannavong, Chairman of ABAC, H.E. Mme. Khemmani Pholsena, Minister of Industry and Commerce of Lao PDR, as well as over 400 participants including business leaders, chambers of commerce, international organizations, scholars, and media attended the opening ceremony. ASEAN-China Centre (ACC) Secretary-General H.E. Mme. Yang Xiuping attended the event at invitation.

Mr. Oudet Souvannavong, Chairman of ABAC delivered opening remarks. He said the ASEAN Business & Investment Summit, initiated by ABAC, was ASEAN’s premier annual business and investment event. The Summit provided a platform for business community to engage with ASEAN leaders to identify and discuss important issues related to ASEAN Economic Community (AEC). He wished the Summit a great success.

Lao Minister of Industry and Commerce H.E. Mme. Khemmani Pholsena said that with the realization of AEC, ASEAN had entered a new era of economic integration. She expected the Summit to make suggestions and proposals on the future development of ASEAN, and contribute to realization of ASEAN Community 2025 Vision and sustainable development.

Lao Prime Minister H.E. Mr. Thongloun Sisoulith delivered a keynote speech. On behalf of the Lao Government and people, he extended a warm welcome to all the participants. He said that the ASEAN Business & Investment Summit, held back to back with the ASEAN Summit, was of important significance. The ASEAN leaders had set the goals for AEC, including highly integrated, competitive, innovative and dynamic, enhancing connectivity for a resilient, inclusive economic community, playing important role in world economy, etc. 2016 marked the first year of realization of AEC, and of implementation of ASEAN Community Vision 2025. Since inception 49 years ago, despite many obstacles and challenges ASEAN had encountered through the years such as economic and financial crisis, ASEAN had grouped itself to be a regional cooperation grouping which was fast growing and highly successful. ASEAN’s combined GDP reached 2.4 trillion USD in 2015, the 6th largest in the world. Studies showed that ASEAN’s combined GDP would reach 4.7 trillion USD in 2020, ranking the 4th in the world by 2030. In order to ensure the timely implementation of 2025 ASEAN Community Blueprint, close and comprehensive cooperation between governments and private sector was required to create favorable conditions for more seamless movement of goods, service and skilled labor. He thanked the ABAC and Lao National Chamber of Commerce and Industry for the active contribution to the 2016 ASEAN Business & Investment Summit and declared the Summit open.