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157900
Wed, 01/19/2011 - 11:33
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https://oananews.org//node/157900
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7th Lao business forum to further find solutions
VIENTIANE,JAN 18.(KPL)- More than 100 relevant government agencies, Lao National Chamber of Commerce and Industry, International Financial Corporation and private sectors gathered at the 7th Lao Business Forum held at the ICTC, Vientiane, on 18 January.
The meeting was to carry out close coordination and consultation between public and private sectors in order to find solution to various problems in view of the prevailing circumstance, which followed the result of sixth meeting.
The convening of any Lao Business Forum (LBF) is of great importance as it provides a platform for dialogue the public and private sectors to jointly seek appropriate ways and means on how to address issues related to the Government’s policy improvement and mechanism which aims to create a sound environment for doing business and investment activities in the Lao PDR. This contributes to further fostering socio-economic development of the country into more fruition while ensuring greater legitimate interest for local and foreign entrepreneurs as well, said Standing Deputy Prime Minister Somsavat Lengsavad.
Mr. Somsavat said the government has responded to and come up with pragmatic measures to gradually address emerging issues such as: the violation of intellectual property rights or the illicit trade, the establishment of the Lao Tourism Marketing and Promotion Board as well as other issues raised by the representatives of the Chamber of Commerce and Industry and by the Foreign Business Association to the Lao PDR have also received due consideration from the Government.
Over the past year, the government of the Lao PDR has paid attention and given priority to improving existing mechanism, legislation, and policies. For instance, the approval mechanism has led to faster license issuance and the streamlining of cumbersome procedures, said Mr Somsavat.
He added most prominently is the improvement and amendments made to the investment promotion law providing more convenience and speed to both Lao and foreign investors in terms of converting their assets and fund can be used for their early investment; as far as the general business is concerned, it can now be directly registered at the Ministry of Commerce and Industry without any time limit and the need to apply the license registration.
At present, the government is lining up mega project based on their priority with a view to formulating the project Calling List. Furthermore, the one stop service, the availability of investment data, the policy guidelines have become much clearer and more supportive including the introduction of view investment forms namely the exclusive and special economic zones, the launch of the securities exchange, Mr. Somsavat highlighted.
Given the government’s pro-active involvement and its sense of responsibility as well as the endeavor made by the economic sector including the domestic and foreign businessmen, the sixth five year socio-economic development plan has been successfully realised as planned. For 2009-2010 alone, the national economic growth rate reached 7.9% and the average per capital income stood at 8.7 million kip. The 7th LBF is of particular importance as it is being held in the beginning of 2011 marking the first year of the implementation of the seventh five-year socio-economic development set for 2011-2015.
“I wish to inform the business sector that the government has set the overarching goals for the upcoming development plan as follows: maintaining solid macro-economic stability, ensuring a GDP annual growth rate no less than 8% with average per capita income of 1,700USD,” he hoped. All these aim to further address people’s poverty, attain the Millennium Development Goals by 2015 and create necessary preconditions for lifting the country out from less status by 2020 while laying down solid foundation for spearheading the country towards industrialisation and modernisation.
To achieve the said goals, the government of the Lao PDR will remain committee consistently applying the renovation policy, promoting market-oriented economic development, ensuring that a fair competition is legally observed by both domestic and foreign business sectors, and paying attention to removing impediments that may negatively affect manufacture and business.
The meeting was to carry out close coordination and consultation between public and private sectors in order to find solution to various problems in view of the prevailing circumstance, which followed the result of sixth meeting.
The convening of any Lao Business Forum (LBF) is of great importance as it provides a platform for dialogue the public and private sectors to jointly seek appropriate ways and means on how to address issues related to the Government’s policy improvement and mechanism which aims to create a sound environment for doing business and investment activities in the Lao PDR. This contributes to further fostering socio-economic development of the country into more fruition while ensuring greater legitimate interest for local and foreign entrepreneurs as well, said Standing Deputy Prime Minister Somsavat Lengsavad.
Mr. Somsavat said the government has responded to and come up with pragmatic measures to gradually address emerging issues such as: the violation of intellectual property rights or the illicit trade, the establishment of the Lao Tourism Marketing and Promotion Board as well as other issues raised by the representatives of the Chamber of Commerce and Industry and by the Foreign Business Association to the Lao PDR have also received due consideration from the Government.
Over the past year, the government of the Lao PDR has paid attention and given priority to improving existing mechanism, legislation, and policies. For instance, the approval mechanism has led to faster license issuance and the streamlining of cumbersome procedures, said Mr Somsavat.
He added most prominently is the improvement and amendments made to the investment promotion law providing more convenience and speed to both Lao and foreign investors in terms of converting their assets and fund can be used for their early investment; as far as the general business is concerned, it can now be directly registered at the Ministry of Commerce and Industry without any time limit and the need to apply the license registration.
At present, the government is lining up mega project based on their priority with a view to formulating the project Calling List. Furthermore, the one stop service, the availability of investment data, the policy guidelines have become much clearer and more supportive including the introduction of view investment forms namely the exclusive and special economic zones, the launch of the securities exchange, Mr. Somsavat highlighted.
Given the government’s pro-active involvement and its sense of responsibility as well as the endeavor made by the economic sector including the domestic and foreign businessmen, the sixth five year socio-economic development plan has been successfully realised as planned. For 2009-2010 alone, the national economic growth rate reached 7.9% and the average per capital income stood at 8.7 million kip. The 7th LBF is of particular importance as it is being held in the beginning of 2011 marking the first year of the implementation of the seventh five-year socio-economic development set for 2011-2015.
“I wish to inform the business sector that the government has set the overarching goals for the upcoming development plan as follows: maintaining solid macro-economic stability, ensuring a GDP annual growth rate no less than 8% with average per capita income of 1,700USD,” he hoped. All these aim to further address people’s poverty, attain the Millennium Development Goals by 2015 and create necessary preconditions for lifting the country out from less status by 2020 while laying down solid foundation for spearheading the country towards industrialisation and modernisation.
To achieve the said goals, the government of the Lao PDR will remain committee consistently applying the renovation policy, promoting market-oriented economic development, ensuring that a fair competition is legally observed by both domestic and foreign business sectors, and paying attention to removing impediments that may negatively affect manufacture and business.
