VIENTIANE, May 30 (Xinhua) -- The Lao government is stepping up cooperation with development partners to find solutions to the challenges and barriers involved in promoting business and investment in Laos, local daily Vientiane Times reported Wednesday.
Doing business and investing in Laos continues to face various barriers, compared to other nations in the region and globally, especially in terms of regulations and management, the report quoted Lao Deputy Minister of Planning and Investment Khamlien Pholsena as saying.
To reduce barriers and help make doing business and investing easier, the government especially the Ministry of Planning and Investment, is working closely with relevant sectors and development partners to improve regulations, implementation mechanisms and transparency, fairly under the law, said the deputy minister Tuesday when addressing the Executive Macroeconomic Working Group Meeting between Lao government and its development partners.
The ministry has closely partnered with government sectors such as industry and commerce, energy and mines, finance, justice, and public works and transport to assist entrepreneurs in their business activities. These include business registration, investment approval, electricity connections, construction approval, imports and exports, and single-window services, Khamlien said.
"Laos' economy is still recording stable growth at around 6.9 percent, which is a rapid growth rate compared to other countries in Southeast Asia but most people in rural areas are still earning low incomes," he said.
The main sectors driving of economic growth are still investment in natural resources and development projects such as mining, hydropower and infrastructure, but these fields create few jobs for local people and are not a sustainable form of development, he added.
"To ensure sustainable economic growth, we have to prepare responses to these challenges after mining operations close, especially labour issues and revenue collection," Khamlien stressed.
