VIENTIANE, June 4 (Xinhua) -- The Lao government is cooperating with its development partners and stakeholders to promote higher quality investments in the country through developing and improving its assessment mechanisms and strategies.
This plan was discussed at a forum co-organized by Lao Ministry of Planning and Investment, and the United Nations Development Programme (UNDP)-United Nations Environment Programme (UNEP) in Lao capital Vientiane last Friday, local daily Vientiane Times reported on Tuesday.
The meeting was an inception workshop for the Poverty Environment Action project, it was attended by Lao government officials along with development and environmental stakeholders.
Lao Deputy Minister for Planning and Investment Khamchanh Vongseneboun detailed the potential for the country to attract investment and pointed out many examples which have already resulted in the sustainable development of the landscape. Khamchanh also pointed out that Lao government has limited experience in assessing the feasibility of investment projects and their consequences, said the report.
Irresponsible investors were therefore occasionally acquired, she added.
Khamchanh said Improving the assessment and management mechanisms for investment is very important for Laos to achieve its sustainable development goals.
Speaking at the meeting, UNDP Resident Representative a.i. for Laos, Balasubramaniam Murali, noted the importance of engaging multiple stakeholders in designing and implementing projects. He said ongoing consultation is necessary to ensure projects remain relevant to the national priorities of Laos.
Investment assessment and management mechanisms that were developed during this time included the creation of an investment database, model investment contracts, investment profiles, investment monitoring protocols, and a draft national and provincial investment strategy.
In the ongoing phase of the Poverty Environment Initiative from September 2018 to August 2022, the Lao government is working to improve the efficiency of coordination, monitoring investment projects for quality and responsibility, and enhancing capacities to attract sound investment.
