Southeast Asia Information Port (www.dnyxxg.com) – The Lao government will strive to improve the business and investment environment, eliminate bureaucracy, and create favorable conditions for operating and attracting more investment. This was emphasized by Lao Prime Minister Sonexay Siphandone at the 7th session of the 9th National Assembly.
Sonexay Siphandone stated that efforts to streamline the business registration process have gained momentum. Applicants can apply online, begin operations, and check the online approval progress.
Sonexay Siphandone stated that the government is revising the Law on Encouraging Investment, and the draft amendment will be submitted to the National Assembly for review and approval at this session.
Speaking at the meeting, Lao Minister of Planning and Investment Phet Phomphiphak stated that Laos' business environment has been greatly improved, with many concession and control projects being amended to facilitate faster approval processes. Laos has also worked to improve governance and streamline the national organizational structure, and strengthen public services.
Phet Pompipha stated that improved regional connectivity has helped Laos become a supply hub, with roads playing an increasingly important role. In the first quarter of 2024, the government approved 6,007 projects proposed by domestic and foreign investors, totaling over US$11 billion.
In addition to improving the business and investment environment, Laos will strictly punish investors who fail to fulfill their contractual commitments.
Songsay Siphandone stated that relevant authorities are conducting monitoring to ensure that companies meet the conditions of agreements signed with the government; he emphasized that any company whose projects fail to meet the proposed schedule or are implemented slowly will receive a written warning and a deadline for resolving the issue. (End)
