Lao PM vows to improve investment environment

Lao Prime Minister (PM) Thongloun Sisoulith told the country's legislators on Thursday that his administration will intensify action to improve the investment climate in a move to attract greater investment and spur growth.

The cabinet chief agreed to take on the position of chairman of Investment Promotion Council, which was previously chaired by a Deputy Prime Minister, reported local Vientiane Times on Thursday.

The drive to improve the investment climate is aimed at eliminating barriers and expediting investment approval processes, which businesses have complained are slow. The PM said the council is supposed to meet every week or two weeks to review investment proposals submitted by foreign and local investors.

Meanwhile, Lao National Assembly (NA) President Pany Yathotou said the services provided by state departments had been slow. She noted that in Laos, it can take up to a year for some projects to be approved. At the same time, NA members at the ongoing parliamentary meeting in Lao capital Vientine also noted that the so-called one-stop service that the government had introduced several years ago still consisted of many steps and remained time-consuming.

Thongloun, for his part, promised that action would be taken to ensure that the approval of any proposal takes place in accordance with legal procedures and is transparent. He told parliament that his cabinet has already taken steps to review and speed up project proposals through regular meetings with his deputies, saying that extra-ordinary meetings were sometimes held when urgent decisions were needed.

He pledged to eliminate unlawful charges imposed by authorities on investors during the investment proposal approval process, improve governance to ensure transparent, efficient and quick services aimed at delivering good public service and promoting investment and business operations.

Lao NA's ordinary session opened on Oct. 24 and is scheduled to close on Friday. Endit