ID :
110607
Tue, 03/09/2010 - 10:35
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Shortlink :
https://oananews.org//node/110607
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Public and private sectors seek ways to improve state investment policies
VIENTIANE MACH 5 (KPL) - The public and private sectors last Friday gathered at the sixth Lao business forum to seek ways and means to address issues relating to the government investment policies improvement aiming at creating a sound business and investment climate in the Lao PDR contributing to further national socio-economic development.
This was an excerpt of the opening statement of the Standing Deputy Prime Minister of the Lao PDR, Mr. Somsavat Lengsavad to the 6th Lao Business Forum.
While striving to enhance the capacity of all economic sectors nationwide and induce external resources aiming to foster dynamic socio-economic development, the Lao government remains firmly resolved to improve business and investment climate by readjusting legislation, policies while creating favourable conditions for the private sector’s investment expansion, particularly by streamlining and expedition the license approval procedure, he said.
The most prominent action to date is the review and adjustment of the investment promotion law in which the government provides the same treatment to both local and foreign investors.
Furthermore, the government is also keen to promote investment in the fields of education and health.
The government is currently lining up priority and large-scale projects into the so-called project calling list.
After the conclusion of this forum, the government will carefully monitor concrete action undertaken towards addressing each problem. At the same time, I call upon the business sector to pursue their investment in different areas which would greatly support the government’s endeavour in its nation-building efforts so as to lift the country from the least developed country status by 2020 and to attain the Millennium Development Goals (MDGs) by 2015, said Mr. Somsavat.
International Finance Corporation Regional Manager, Mr. Simon Andrews said that this forum comes at a key point in time for both Laos and the region as we are seeing positive signs that the global economy is on the road to recovery from one of the worst economic periods in recent memory.
Although the Lao PDR has shown much resilience during this period and has maintained a solid GDP growth rate of over 6 per cent last year, the impact of the global economic crisis had been felt in the domestic economy through reduced commodity prices and some decrease in Foreign Direction Investment (FDI) inflows.
Effective government policies through fiscal stimulus and continued public infrastructure development have been very effective in helping the economy weather the storm much better than other countries.
The positive indications that the global economy is on the road to recovery should mean new opportunities to restore and expand economic growth and development.
Mr. Andrews also want to acknowledge the government’s proactive steps to improve the business environment and encourage investment that has sent clear signals to investors of its strong commitment to build a better business environment.
President of the Lao National Chamber of Commerce and Industry, Mr. Kissana Vongsay, said that this forum has been regarded as crucial for the public and private sectors to consult on various issues faced by the private sector.
The private sector has raised constraints related to investment and business operation in the Lao PDR for the government to consider and seek solutions, he said.
Therefore, he urged the public and private sectors to use this Lao Business Forum to settle issues and as a venue to propose ideas for economic development prospects for each
sector.
Until now, many sectors have not participated in the Lao Business Forum; entrepreneurs have mainly addressed their problems by themselves, so in the future the LNCCI will pay more attention to encouraging more entrepreneurs to participate in this forum, said Mr. Kissana.
Vice-President of the Vietnamese Chamber of Commerce and Industry, Mr. Khamla Nakkhavong said that over the last few years, the Lao PDR has increasingly become attractive to foreign investors.
In 2009, Vietnam became Lao PDR’s largest foreign investor, with 48 projects amounting to US$1.5 billion.
This is the second year that Vietnam is the leading investor in Laos. Up to September 2009, the stock of Vietnam investment is 207 projects amounting to US$2.1 billion,
The investment included hydropower, mining, industrial plantation, telecoms, finance, banking and insurance, said Mr. Khamla.
Representative of the French Chamber of Commerce and Industry, Mr. Gilles Boute, President of the Japanese Chamber of Commerce and Industry, Mr. Takaoki Hidetoshi, and representatives of around 200 businesses attended the event.
The forum was organised by the LNCCI in cooperation with the Ministry of Planning and Investment and the IFC.
This was an excerpt of the opening statement of the Standing Deputy Prime Minister of the Lao PDR, Mr. Somsavat Lengsavad to the 6th Lao Business Forum.
While striving to enhance the capacity of all economic sectors nationwide and induce external resources aiming to foster dynamic socio-economic development, the Lao government remains firmly resolved to improve business and investment climate by readjusting legislation, policies while creating favourable conditions for the private sector’s investment expansion, particularly by streamlining and expedition the license approval procedure, he said.
The most prominent action to date is the review and adjustment of the investment promotion law in which the government provides the same treatment to both local and foreign investors.
Furthermore, the government is also keen to promote investment in the fields of education and health.
The government is currently lining up priority and large-scale projects into the so-called project calling list.
After the conclusion of this forum, the government will carefully monitor concrete action undertaken towards addressing each problem. At the same time, I call upon the business sector to pursue their investment in different areas which would greatly support the government’s endeavour in its nation-building efforts so as to lift the country from the least developed country status by 2020 and to attain the Millennium Development Goals (MDGs) by 2015, said Mr. Somsavat.
International Finance Corporation Regional Manager, Mr. Simon Andrews said that this forum comes at a key point in time for both Laos and the region as we are seeing positive signs that the global economy is on the road to recovery from one of the worst economic periods in recent memory.
Although the Lao PDR has shown much resilience during this period and has maintained a solid GDP growth rate of over 6 per cent last year, the impact of the global economic crisis had been felt in the domestic economy through reduced commodity prices and some decrease in Foreign Direction Investment (FDI) inflows.
Effective government policies through fiscal stimulus and continued public infrastructure development have been very effective in helping the economy weather the storm much better than other countries.
The positive indications that the global economy is on the road to recovery should mean new opportunities to restore and expand economic growth and development.
Mr. Andrews also want to acknowledge the government’s proactive steps to improve the business environment and encourage investment that has sent clear signals to investors of its strong commitment to build a better business environment.
President of the Lao National Chamber of Commerce and Industry, Mr. Kissana Vongsay, said that this forum has been regarded as crucial for the public and private sectors to consult on various issues faced by the private sector.
The private sector has raised constraints related to investment and business operation in the Lao PDR for the government to consider and seek solutions, he said.
Therefore, he urged the public and private sectors to use this Lao Business Forum to settle issues and as a venue to propose ideas for economic development prospects for each
sector.
Until now, many sectors have not participated in the Lao Business Forum; entrepreneurs have mainly addressed their problems by themselves, so in the future the LNCCI will pay more attention to encouraging more entrepreneurs to participate in this forum, said Mr. Kissana.
Vice-President of the Vietnamese Chamber of Commerce and Industry, Mr. Khamla Nakkhavong said that over the last few years, the Lao PDR has increasingly become attractive to foreign investors.
In 2009, Vietnam became Lao PDR’s largest foreign investor, with 48 projects amounting to US$1.5 billion.
This is the second year that Vietnam is the leading investor in Laos. Up to September 2009, the stock of Vietnam investment is 207 projects amounting to US$2.1 billion,
The investment included hydropower, mining, industrial plantation, telecoms, finance, banking and insurance, said Mr. Khamla.
Representative of the French Chamber of Commerce and Industry, Mr. Gilles Boute, President of the Japanese Chamber of Commerce and Industry, Mr. Takaoki Hidetoshi, and representatives of around 200 businesses attended the event.
The forum was organised by the LNCCI in cooperation with the Ministry of Planning and Investment and the IFC.
