Lao govt vows to improve management of state investment

VIENTIANE: The Lao government has vowed to improve the oversight of investment by the state to ensure the process is more efficient and auditable and delivers the intended benefits to the South-east Asian country and its people.

According to a Lao Economic Daily report on Tuesday (Nov 28), the commitment was made during a Public Investment Management Steering Committee Meeting held here on Nov 21, chaired by Deputy Minister of Planning and Investment Phonevanh Outhavong (pic) and attended by representatives of the Japan International Cooperation Agency (JICA) and the Lao Ministry of Finance.

Phonevanh pledged to step up efforts to develop the country in a quality, focused, sustainable and green direction.

Improving the management of state investment is part of the government's efforts to make investment more effective and verifiable, leading to quality growth, Phonevanh added.

To this end, the steering committee will carry out a countrywide training programme to be supported by the JICA.

The training programme will be the basis for strengthening the capacity of civil servants in work concerning investment by the state, said Phonevanh.

In the past nine months, total investment in Laos has exceeded 78,693 billion Lao kip (some US$3.8 billion), amounting to 151.05 per cent of the target figure.

By the end of 2023, this amount is expected to increase further to about 90,838 billion kip (some $4.4 billion), an equivalent to 174.36 per cent of the target figure for this year. - Xinhua