Lao-Japan business ties grow stronger
Lao-Japan business ties grow stronger
The Lao government will promote foreign direct investment by improving the country's legal process, especially laws related to investment, the Minister of Planning and Investment has said.
Mr Somdy Duangdy made the remark at the seventh annual Lao-Japan Public and Private Sector Dialogue (Lao-Japan PPSD) meeting in Vientiane on Friday.
Ambassador of Japan to Laos, Mr Hiroyuki Kishino, was present at the meeting, along with public sector officials and business leaders from the two countries.
Mr Somdy said the meeting was a platform for the business sectors of Japanese and Laos to discuss ways to improve the business climate between the two sides.
“It is a continuation of cooperation between the Lao and Japanese business sectors to seek a proper solution to the remaining barriers in business cooperation and to improve business operations,” he said.
The first meeting of the two parties was held in 2007, during which Japan proposed a series of recommendations to help promote investment in Laos. A year later, at the second meeting, Lao delegates presented Japan with their action plan to implement the recommendations.
Since then, the annual meeting has been organised using the same process to improve the investment climate in the country.
“The Lao government places a priority on investment in the private sector in Laos and has welcomed foreign direct investment by improving laws on investment and other regulations since 1988,” Mr Somdy said.
The latest set of laws for investment was introduced in 2009 to attract more investment in Laos.
Mr Somdy said from 1990 to 2012 Japan had investment in 88 projects in Laos, worth almost US$ 400 million, and Japan was ranked sixth for foreign investment in Laos.
At the meeting, Lao delegates presented their new action plan in response to new recommendations, which were presented by Japan last year, to help stimulate investment.
Participants also heard about the steps being taken by the Japanese Chamber of Commerce and Industry and the Lao authorities to address and clarify legal and policy procedures as well as taxation and accounting practices that can deter Japanese companies from investing in Laos.
vientian times
