Compare to Gold mining project in Sepon which Laos shares only 5% benefit from the project. This time, Laos will hold higher benefit to those who comes to invest in Stock exchange. That's what we call, good deals, isn't it?
KRX To Establish Stock Exchange In Laos
01/12/08
The Korea Exchange (“KRX”), a leading regional equities and derivatives exchange, announced that it has secured a preliminary agreement with the Government of Laos to set up a stock exchange in the country’s capital of Vientiane.
The agreement will see the KRX take a 49 percent stake in the Laos stock exchange, which will be a joint venture between it and the Bank of Laos (BOL). As the technical and operational partner, KRX will provide its know-how in setting up the technical and regulatory infrastructure for an advanced international exchange.
The KRX has a strong track record in exporting its IT systems, both the Vietnam and Malaysian stock exchanges use KRX technology and it is also working on the establishment of a Cambodian exchange, which is due to open in 2009.
The decision to go ahead with the agreement came during a two-day conference in Vientiane in mid-November attended by Deputy Prime Minister Somsavat Lengsavad and Finance Minister Somdy Douangdy. Lee Chang Ho, President and CFO of the KRX Management Strategy Division, and BOL governor Phouphet Khamphounvong finalized the agreement.
Following the contract signing in February 2009, the joint venture will oversee the construction of a headquarters for the stock market and the formation of a committee to develop the regulatory framework.
The new exchange is scheduled to open by October 2010.
Financial crisis in around the world, Laos doesn't affect that much, because we don't have the stock market and no much import and export . this is a first step for Laos to walk away from world's poorest countries, Hopefully the stock market is going to bring Laos a new face in the international status and boost the economic growth and increase the income of Lao people... But it is not easy to run the stock market in a small country as Laos,we don't have any experiences and knowledges on the stock, we need to train many of human resources and blabla.. if the foreign countries would like to help us to study and exchange in this area, I think, after 10-20 years, Lao people will know how to operate the stock perfectly...... cheers
I wonder how the KRX of Korea will implement its plan in 2010 as South Korea is directly and hardest hit by US financial crisis, and their Korean Currency dropped seriously againt Dollar now....
imo, you should have alot of private companies to have a stock exchange if one wants to have one who is going to trade with who when everything is running by a guv
-- Edited by SJCALSBM3 at 08:14, 2008-12-03
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