Oudomxay Provincial Business Forum
Oudomxay Province, 02 June 2022, the Oudomxay Provincial Division of Industry and Commerce in cooperation with Oudomxay Provincial Chamber of Commerce and Industry organized the Oudomxay Provincial Business Forum supported from the ECL Project which is funded by the Enhanced Integrated Framework (EIF).
The meeting was co-chaired by H.E. Dr. Manothong VONGSAY, Deputy Minister, Ministry of Industry and Commerce, Mr. Onkeo OUNALOM, Vice Governor of Oudomxay Province, and Mr. Bounleuth LUANGPASEUTH, Vice President of the Lao National Chamber of Commerce and Industry. There were more than 50 Participants from both public and private sectors participated this meeting.
Primary objective of the meeting was to review progress of the public private dialogue on issues affecting businesses in Oudomxay Province.
In his opening remarks, Vice Governor Onekeo OUNALOM called on the private sector to cooperate with central and provincial authorities in implementing short term measures to mitigate the impact of high energy price and inflation, while raising export competitiveness of local businesses to help improve trade balance in the long run.
In his remarks, Deputy Minister Manothong VONGSAY stressed the importance of the public and private dialogue mechanism as tool to resolve issues related to policies, regulations as well as the implementation of various regulations governing establishment, operations, and expansion of businesses. It is an important platform that can help the provincial leadership in identification of investment climate constraints and improve investment attractiveness at local level.
LNCCI Vice President complimented the provincial authority for organizing this high-level forum to address specific issues affecting private sector during this uncertain and volatile macro-economic environment. He expressed his confidence that the forum will gradually transform into an effective mechanism for resolving issues affecting both domestic and foreign investors within the province.
The half day event reviewed progress of the dialogue process since its inception two years ago and demonstrated broad support for structured dialogue under the Provincial Business Forum in identification and resolution of key issues affecting private sector at local level. Private sector speakers also complimented the provincial authority and the Ministry of Industry and Commerce for making concerted efforts in improving overall business environment to promote private investment.
Since establishment of dialogue process under the Oudomxay PBF, private sector and concerned government agencies prioritized 18 specific issues in areas of business entry, trade facilitation, access to financial services, enforcement of laws and regulations, and agribusiness for discussions, resulting in resolving 08 issues and making progress in the remaining issues.
The forum also agreed on concrete plan for actions to continue dialogue and seek appropriate solutions to the remaining 10 issues in the next twelve months.
Vice Governor Onekeo OUNALOM closed the meeting by making commitments to restore macroeconomic stability, assist relevant agencies in addressing the remaining issues, and promote private investment in the province.
The meeting was supported by ECL Project which is funded by the Enhanced Integrated Framework (EIF). EIF is an Aid for Trade partnership in action for the Least Developed Countries (LDCs). The ECL Project intends to promote private sector-led economic growth in the least developed Northern Region of the country in response to the Government’s eight National Socio-Economic Development Plan (NSEDP). The project consists of three components: Improvement of the local business environment, Enhancement of productivity and exports of critical sectors, and project management.
