Asean scheme to boost investment in Laos
Asean scheme to boost investment in Laos
Laos is looking for help from the new Asean Solutions for Investment, Services, and Trade (ASSIST) in improving consultation on investments in the country.
Officials from the Foreign Trade Policy Department under the Ministry of Industry and Commerce are meeting with experts from the Asean Regional Integration Support from the EU (ARISE) for a two-day workshop from June 27-28.
The workshop aims to provide officials with help in Asean investors' consultations by creating confidence in investing in Laos, especially during the Asean Summit which will be hosted by Laos in September.
ASSIST is a non-binding and consultative mechanism for the expedited and effective solutions of operational problems encountered by Asean-based enterprises on cross-border issues related to the implementation of Asean economic agreements within the framework of the Asean Economic Community launched in 2015.
The ASSIST mechanism was established to help with consultations solving trade and investment issues which may occur as part of the new economic agreements and is loosely based on the European Union's SOLVIT system.
Deputy Director General of the Foreign Trade Policy Department, Mr Bountheung Duangsavanh, said that knowledge of ASSIST would be useful for participants learning the processes in supplying information on regulations, laws, and standards.
The workshop would help department officials to answer questions related to investment issues from various Asean enterprises, he added.
Mr Bountheung also stressed that ASSIST would help to make Laos' investment laws more acceptable to investors in other Asean nations, which would have a positive impact on helping them make a decision about investing in Laos. The online ASSIST system will officially be launched for investment services in September during the Asean Summit in Vientiane.
Asean-based enterprises can expect practical solutions through ASSIST in 40 to 60 days maximum.
