Better investment management requires legal changes
Better investment management requires legal changes
Government representatives have brainstormed ideas on the amendment of the Law on State Investment, with the aim to ensure that investment management is more effective and efficient.
The brainstorming meeting on the amendment of the Law on State Investment was held yesterday, bringing together 65 representatives from the economics, planning and finance committee, line ministries, central and local departments.
The meeting was chaired by Deputy Minister of Planning and Investment Dr Khamlien Pholsena.
The government is currently in the process of amending the Laws on the Constitution, Government, National Assembly, Provincial Assembly, State Budget, and State Investment.
In order to make the amendment of the State Investment Law correct regarding the process and principles defined in the Legislation Law, complete and accordant contents are required to respond to the current situation.
Therefore, the ministry opened a meeting to sound out and brainstorm amendments to the Law on State Investment 2009 to ensure accordance and harmony with the drafted Law on Provincial Assembly which is expected to be adopted by the National Assembly's Seventh Legislature at the end of this year.
In addition, it aims to respond to the development situation and ensure better efficiency when it comes to state investment management.
The meeting focused on enhancing the responsibility and role of provincial level authorities in the management and oversight of state investment projects through the adoption and consideration of provincial assemblies, said Mr Oula from the Planning and Investment Department.
This amendment will help ensure the better management of state investment and give more rights to local authorities to oversee and consider the projects, he added.
After this brainstorming meeting, the responsible committee will amend and pass it at the government meeting in November this year before submitting it to the ninth ordinary session of the National Assembly's Seventh Legislature.
Adoption and promulgation of this draft law will enable state investment projects to be effectively and efficiently managed, with a focus on promoting socio-economic development in line with the goals in each period.
