Ministry of Industry and Commerce organized the 17th TPSWG meeting to present the medium-term trade development plan
Vientiane Capital, 04 February 2021, Ministry of Industry and Commerce (MoIC) organized the 17th Trade and Private Sector Working Group (TPSWG) meeting at Muang Thanh Hotel, Vientiane Capital. The meeting was honorably co-chaired by H.E. Mrs. Khemmani Pholsena, Minister of Industry and Commerce, H.E. Ms. Ina Marciulionyte, Ambassador of the European Union Delegation to Lao PDR, EIF Donor Facilitator and Ms. Jane Chandler, Charge d’affaires, Australian Embassy to Lao PDR. More than 140 participants representing ministries, departments, embassies, development partners and associations participated in the meeting.
The meeting aims to present the medium-term trade development plan and an update on business environment reform.
H.E. Mrs. Khemmani Pholsena, the Minister of Industry and Commerce, provided an opening remark that “The government of Lao PDR recognizes the importance of creating investment-friendly policy and regulatory environment to improve the country’s performance in World Bank Group’s Doing Business Report, which measures regulations affecting key areas of the life of a business from starting a business to resolving insolvency. For this reason, together with our development partners, especially European Union and Australia – co-chaired of our key issues that are critical for further improving investment climate in Laos, focusing on both policy design as well as policy implementation”.
H.E. Ms. Ina Marciulionyte, Ambassador of the European Union Delegation to Lao PDR highlighted the challenges of Lao macro economy that the country has been facing, with a fast-growing debt to finance major infrastructure projects. There is no easy path to recover, but we all know that to ease this fiscal challenge and pursue the implementation of the 9th National Socio-Economic Development Plan (the 9th NSEDP), it is crucial to increase trade and investment, especially the careful consideration of the impact of new infrastructure development, particularly the Lao-China railway and associated special economic zone and dry port, as well as from the Regional Comprehensive Economic Partnership (RCEP). H.E. Ina Marciulionyte also emphasizes the benefits from substantial support from many development partners to strengthen trade and private sector development and seize these showed by the Program Executive Committee Meeting last week. Lastly, H.E. Ambassador also stresses that “EU would really keen to promote more European Investment in Laos, in support to the Lao Green Growth agenda”.
The meeting went through what had been planned in agenda starting from the presentation on Lao PDR Trade Integration Study (DTIS) Update Concept Note; Trade Impact of Lao PDR’s graduation from Least Developed Country (LDC) status; Progress update on the draft 9th NSEDP; Progress of implementation PM Order No. 02 and No. 03 and Public-Private Partnership Decree and the update on preparations for the 13th Lao Business Forum.
Before closing the meeting, Ms. Jane Chandler, Charge d’affaires, Australian Embassy to Lao PDR congratulated Lao government on economic development progress during the COVID-19 pandemic. She also highlighted that trade and private sector development had been long-term priorities for Australian development cooperation in Lao PDR.
Finally, H.E. Mrs. Khemmani Pholsena, the Minister of Industry and Commerce expressed her sincere thanks to the representatives of ministries, departments, embassies, development partners and associations who have been committed to contribute to the development of trade and private sector, and wish for these organizations continue support such development.
The TPSWG is one of ten sector working groups under the Round Table Process and is the main forum for policy dialogue between the government of Lao PDR and development partners. Participants of the forum usually come from government, development partners, the private sector and civil society. Other 9 sector working groups include Health; Education; Governance; Macroeconomics; Infrastructure; Illicit Drug Control; UXO; Agriculture and Rural Development; and Natural Resource and Environmental Management.
