Ministry hopes amended investment law will be approved by year end
Ministry hopes amended investment law will be approved by year end
The Ministry of Planning and Investment hopes to submit a draft of the amended Investment Promotion Law to the National Assembly within the next three months after several years of discussion to update and clarify the content.
The ministry expects to finish the draft next month and submit it to the National Assembly in October, with the final version agreed on after talks began in 2013.
“We hope to finish it and get approval from the National Assembly this year,” Planning and Investment Deputy Minister DrBounthavySisouphanthong said yesterday.
“If it is not approved and needs further work, we will have more discussions,” DrBounthavy said when addressing a Public Consultation Workshop on the 2009 Investment Promotion Law Revision.
The workshop was attended by Deputy Prime Minister and Minister of Finance, MrSomdyDuangdy, officials and representatives from the National Assembly, ministries, local and international organisations, and the private sector.
Chairing the workshop, MrSomdy said the Ministry of Planning and Investment had amended some articles that were unclear and had proved difficult to implement, causing delays and wasting time.
“Another issue is the fast approval of investment licences as well as transparency,” he said. “Important points that need amending include the single window service, investment promotion issuing, requesting an investment licence and getting approval, project sale and transfer, and ensuring that benefits flow to the state, the people and the investors.”
He said the law must also relate to agreements Laos has made with other countries to ensure it does not differ significantly from those of neighbouring countries and others in the region.
The amendment will also see the removal of some articles that are no longer relevant while others will be added to cover pertinent aspects of investment promotion and implementation.
The amendment aims to broaden the economy and build capacity within the private sector towards social and economic development and poverty reduction.
Since the Investment Promotion Law came into effect in 1988, Laos has seen increasing investment from both local and overseas sources which have spurred development.
“Since then, the law has been amended three times - in 1994, 2004 and 2009. It is now seven years since the last amendment and we are preparing the fourth. We realise that it is necessary to make amendments so that it is more relevant to the present situation,” MrSomdy said.
Yesterday's workshop sought to garner ideas and exchanges from participants on the amendment, to ensure that the law is more in keeping with today's investment climate and improves conditions for both local and foreign investors.
