Public and Private Sector Agreed on Concrete Plan of Actions to Improve Business Environment in Laos

Vientiane, November 12, 2019. The annual 12th Lao Business Forum took place in Vientiane to review progress of public private dialogue aimed at improving business environment in Laos. The event attracted more than 500 participants, representing domestic and foreign businesses, public sector agencies, as well as international diplomatic community and development partners.

In his opening remarks, H.E. Mr. Somdy Douangdy, Deputy Prime Minister and Minister of Finance stressed the importance of improving business environment in Laos to attract domestic and foreign investment into non-resource sectors, including general manufacturing, tourism, and agro-based industry.

The half day event reviewed progress of the dialogue process since the 11th LBF and demonstrated broad support for structured dialogue under the Lao Business Forum in identification and resolution of key issues affecting private sector in the country. Private sector speakers also complimented the Government for making concerted efforts to maintain sustainable economic growth through implementing structural reform and promoting economic diversification.

Since 11th LBF private sector and concerned government agencies prioritized 23 specific issues in areas of taxation, import export procedures, business entry, promotion of sustainable tourism, and other areas for discussions, resulting in completely solving 07 issues and making progress in the remaining issues.

The forum also agreed on concrete plan for actions to solve the remaining 15 issues and continue identification of key issues affecting large number of enterprises for dialogue after the 12th LBF.

H.E. Prime Minister closed the meeting by expressing government’s commitment to maintain macroeconomic stability, further deepening of structural reforms, increase public investment in infrastructure to support export diversification, increase the productivity of private sector firms and reduce cost of doing business through making improvements in government administration and by streamlining and simplifying administrative procedures.