Prime Minister Najib Abdul Razak will witness the agreement signing for the US$5 billion (about RM15 billion) electrified double track railway project to be built by a Malaysian company.

The master concession agreement is between the Laotian government and Giant Consolidated Ltd, a Malaysian company, to develop the 220km track from Savannakhet to Lao Bao, near the Vietnam border.

Malaysian Ambassador to Laos Than Tai Hing said Laotian Prime Minister Thongsing Thammavong would also witness the signing ceremony to be held in Vientiane tomorrow.

Najib will arrive there today for a three-day working visit to Laos and to attend the 9th Asia-Europe Meeting (ASEM).

Than said the five-year standard gauge railway project would link the east and west of this country and turn this nation from landlocked to land link country, apart from realising the Asean Connectivity by 2015 and contributing to this country's economic development.

Najib, who is also Finance Minister, will open Maybank's first branch in this country here tomorrow, completing the bank's presence in all the 10 Asean member nations.

Currently, Maybank, Malaysia's largest commercial bank and regional financial services leader, has an international network of over 2,200 offices in 19 countries, including in the United States, Britain, Saudi Arabia, Bahrain, China, Hong Kong and India, apart from Asean member countries.

Than said Najib would also meet Malaysian investors engaged in a hydro-electric project and in a special economic zone in this country here tomorrow.

Growing investments

Malaysians have invested about US$165 million (about RM495 million) in Laos between 2000 and 2011, making them the ninth largest investors in this country, he said.

Malaysians' investments in Laos are in banking, insurance, education, semiconductors, tourism and agriculture sectors.

Public Bank, Dominant Semiconductors Co Ltd, Mega First Corporation Bhd, Savan Pacifica Development Co Ltd and Dansavanh Nam Ngum Resort are among Malaysia's major companies that have invested in this Asean member state.

"Malaysians' new investments are in the electrified double track railway and hydro-electric projects that will definitely change Malaysia's position as the largest investor in this country currently being led by China," he said.

Najib will also join 48 leaders from Asia and Europe at the two-day ASEM starting here tomorrow.

The meeting themed "Friends for Peace, Partners for Prosperity" will further strengthen economic and political cooperation between the two regions amid the

current euro zone debt crisis.

ASEM leaders are expected to discuss the global economic situation, reforms to international financial institutions, water, energy, food security, disaster management, interfaith dialogue, tourism and migration, among others.

- Bernama