Govt to improve business regulations to boost trade and investment 

The government has told the relevant line agencies to implement the PM’s Orders 02 and 03 to improve the “One Stop Service” and to control the business list for the development of trade and investment in Laos.
The Investment Promotion Department of the Ministry of Planning and Investment organised a semi-annual taskforce meeting yesterday to discuss the implementation of the PM’s Orders 02 and 03, improving the One Stop Service and the controlled business list during the first half of 2022, and to identify priorities for the second half of the year.

A semiannual taskforce meeting in Vientiane discussed the implementation of PM’s Orders 02 and 03, improving the “One Stop Service” and the controlled business list in the first half of 2022, and identified priorities for the second half of the year.

Participants included representatives from relevant government agencies, the People’s Supreme Court, Electricite Du Laos, Lao Credit Information Company, Lao Securities Commission Office, concerned divisions of the Vientiane Municipality, and the Lao National Chamber of Commerce and Industry. These organisations are in charge of implementing reforms of the business environment under the PM’s Orders.
The workshop was chaired by the Deputy Director General of the Investment Promotion Department, Mr Khamsay Nanthavong.
The participants were reminded of the primary objectives of PM’s Orders 02 and 03, andthe overall significant progress in their implementation in the first half of 2022.
The relevant line agencies have improved their coordination mechanism, and several laws and regulation within their role and responsibilities have been developed and amended. This was aimed at streamlining procedures and reducing time and costs for doing business in Laos.
At the same time, great emphasis was paid to developing digital solutions and IT systems to improve government services and significant progress has been made in this field.
Along with these achievements, many challenges remain that must be addressed collaboratively in accordance with the government’s goals and guidelines, particularly notification No 24/PMO regarding the implementation of agreed actions decided at a consultation meeting of the public and private sectors in December 2021 to improve the business environment.
The government has issued instructions on reviewing and revising the PM’s Orders 02 and 03, continuing the improvement of legislation and cross-agency coordination, and enhancing mechanisms.
Relevant agencies should focus on re-examining and simplifying procedures and required documentation for applying for investment licenses and clearly and specifying the timeframe for consideration and their responsibilities.
Concerning PM 02 priorities for the second half of 2022, the relevant authorities must continue to coordinate and accelerate ongoing reform measures, finalise and adopt the KPI concept in their reform action plan and process and increase outreach activities to promote the reform outcomes.
In addition, priorities for implementation of PM No. 03 should include continue to improve the coordination and reporting mechanism, developing a detailed action plan with a clear task and timeframe as well as enhancing the one stop service to be facilitation mechanism for investors that is transparent, fair, systematic and consistent with the laws.
At the end of meeting, Mr Khamsay urged relevant line agencies to focus on and continue the implementation of PM Orders 02 and 03 respectively.
Specific reform or improvement involve multiple sectors, therefore, it is critical to continue strengthening the mechanism for coordination, discussion and reporting of status/progress of implementation on a systematic and regular basis to ensure that the implementation issues and challenges will be addressed promptly.
Furthermore, it is encourage to continue improving and developing an action plan that embraces changes and current circumstances, intending to eliminate barriers to investing and doing business in Laos and assure tangible outcomes.
The meeting, Mr Khamsay thanks to development partners for their supported through the Lao PDR’s Competitiveness and Trade Project (LCT) which multi-donor project funded by the World Bank Group, Australian Aid, Irish Aid and USAID, which implementing at the Department of Planning and Cooperation of the Ministry of Industry and Commerce.
LCT project is aims to eliminate the barriers to private sectors-led growth by improving the regulatory environment, lowering trade costs and raising firm-level competitiveness.

By Times Reporters
(Latest Update July 29, 2022)