• Sun. Dec 3rd, 2023

Laos Prime Minister will take strong action to improve the business environment

Laos Prime Minister will take strong action to improve the business environment

Vientiane (Vientiane Times/ANN): Laos Prime Minister Sonexe Siphandon has vowed to amend legislation to improve the business environment amid fierce international competition by governments to improve the ease of doing business.

“The government will amend the Investment Promotion Act and relevant legislation to facilitate smooth business operations and investment,” he told lawmakers at the fifth regular session of the National Assembly (NA).

In response to questions from members of the assembly, the head of government said his cabinet would explore and use more incentives to attract private investment.

The relevant sectors will be tasked with expediting the types of land so that land concessions can be speedily issued in line with specific investment projects once approved.

“Each province should have clear data on land type for agricultural, industrial, service development and residential building purposes,” the Prime Minister said.

The focus is on land classification after plans have been finalized for feasibility studies but development could not proceed due to insufficient land available for the proposed project.

In addition to traditional state land concessions, the government will explore cooperative models for concessions on private land for investment projects.

Prime Minister Sonexe also vowed to streamline the process to speed up the signing of MoUs related to investment projects.

He said the government would diversify its promotional roadshow to encourage investment and attract more foreign investors.

In addition to the usual promotional forums held by the Lao National Chamber of Commerce and Industry and ministries, when state leaders make official or state visits to foreign countries, the government encourages provincial authorities to cooperate with foreign investors operating special economic zones or industrial parks. in Laos to organize similar forums abroad.

PM Sonexe cited a recent promotional seminar jointly organized by a Chinese company investing in Laos, Khammuan provincial authorities and the Ministry of Industry and Commerce of China’s Guangdong Province as a successful example.

The event was expected to result in the signing of 10 investment contracts worth over US$800 million.

“All provinces have favorable conditions for international relations and cooperation,” the prime minister said, adding that many Lao provinces are now twinned with provinces in other countries.

Addressing the National Assembly, Planning and Investment Minister Khamjane Vongphosi said the government will do more to promote commercial production, further improve transportation, facilitate trade and negotiate for greater access to foreign markets.

He added that the state authorities will collaborate with the private sector to accelerate tourism services including related infrastructure. – Vientiane Times/ANN

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