Foreign Affairs

Public, Private Sector Agree on Plan of Actions To improve Business Environment

(KPL) The public and private sector have agreed on concrete plan of action to improve business environment in Laos.

The agreement was made at the annual 12th Lao Business Forum held in Vientiane Capital on Nov 12, 2019.

The forum also agreed on concrete plan for actions to solve issues and continue identification of key issues affecting large number of enterprises for dialogue after the 12th LBF.

More than 500 participants , representing domestic and foreign business, public sector agencies as well as international diplomatic community and development partners attended the event.

This forum aimed to improve business environment in Laos.

Deputy Prime Minister and Minister of Finance Somdy Douangdy stressed the importance of improving business environment in Laos to attract domestic and foreign investment into non-resource sectors, including general manufacturing, tourism and agricultural- based industry.

The forum also reviewed progress of the dialogue process since the 11th Lao Business Forum and demonstrated broad support for structured dialogue under the Lao Business Forum in identification and resolution of key issues affecting private sector in the country.

Private sector speakers also complimented the government making concerted efforts to maintain sustainable economic growth through implementing structural reform and promoting economic diversification.

Since 11th LBF private sector and concerned government agencies prioritized 23 specific issues in areas of taxation, import/export procedures, business entry, promotion of sustainable tourism and other areas for discussions, resulting in completely solving issues and making progress in the remaining issues.

The government committed to maintain macroeconomic stability, further deepening of structural reforms, increases public investment in infrastructure to support export diversification, increase the productivity of private sector firms and reduce cost of doing business through making improvements in government administration and by streamlining and simplifying administrative procedures, Prim Minister Thongloun Sisoulith addressed the closing ceremony.

Source: Lao News Agency