VIENTIANE,LAOS: The Ministry of Planning and Investment, in collaboration with the Japanese Embassy inLaos, held the 9th meeting of the Lao-Japan Public and Private Sector to discuss how to create a better environment for Japanese investment in Laos.

Held in Vientiane Capital on Wednesday, the meeting was co-chaired by Minister of Planning and Investment Somday Douangdy and the Japanese Ambassador to Laos Takeshi Hikihara.

Speaking at the opening, Mr Somday said that participants will discuss weaknesses and plans to cooperate to create an enabling environment for operating businesses in Laos.

Out of 35 countries, Japan is ranked as the 6th biggest investor in Laos.

“Over the years to come, we expect that Japanese investment will increase at a faster pace and reach higher levels than today, thus contributing to the fulfilment of socio-economic development goals stated in the 8th National Socio-economic Development Plan and reducing poverty,” said the minister.

He said that the increased Japanese investment would contribute to the Lao government’s efforts to graduate the country from the least developed country status by 2020, becoming a developing country of high middle income by 2030.

He told the meeting that the government needed a large amount of funding for the development and increased investment by the private sector, which currently shared more than 50% of the investment in the country.

In preparation for the inauguration of the AEC by the end of 2015, the government will allow foreign investors to invest more than 70% of the capital for 128 out of 155 sub-sector areas.

The government has established mechanisms to improve the business environment in the country with responsibilities shared among sectors involved in investment affairs, with the Ministry of Finance assigned to be in charge of improving duties and the tax system, the Ministry of Industry and Commerce given the task of being responsible for issuing licenses, registrations, and approving projects, and the Ministry of Planning and Investment required to be in charge of regulations, and concession projects.

Source:
courtesy of KPL NEWS AGENCY

by Phetsamone

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