VIENTIANE: The government is stepping up investment reforms to speed up project approvals, improve transparency and strengthen the oversight of development projects across Laos.
The Investment Promotion and Management Committee held its first meeting at the Prime Minister’s Office on May 8, chaired by Standing Deputy Prime Minister, Saleumxay Kommasith, who also serves as Chair of the central-level committee.
The meeting convened committee members under Prime Minister’s Decision No. 30/PM issued on April 20.
Deputy Minister, Vice Chairman, Standing Member of the Investment Promotion and Management Committee, Phonvanh Outhavong, reported on progress made over the past 10 months.
Her presentation covered key achievements, organisational progress, technical operations, remaining challenges and future plans.
The committee also reviewed measures to improve coordination between central and provincial authorities in managing investment activities.
A Standing Committee Member and Permanent Secretary, Dr Vanthana Nolintha, presented findings from a review of controlled and concession activities.
The review also examined management mechanisms between central and local levels of government, aiming for improved investment supervision and coordination.
Participants shared recommendations aimed at improving investment management and creating a more efficient approval process.
Saleumxay praised the committee’s initial progress while calling for stronger efforts in several priority areas.
He stressed the need to streamline investment approvals and related reviews by ministries and provincial authorities to ensure greater transparency and efficiency under the Investment Promotion Law and the government’s centralisation policy.
He also highlighted the importance of modernising operations through integrated investment databases linking sectors and provinces nationwide.
Another key priority is stronger monitoring and inspection of approved development projects, with provincial authorities expected to play a greater role in following up on the way investment is utilised.
The reforms aim to create better conditions for domestic and foreign private investors while supporting National Socio-Economic Development Plans and the government’s goal of building a self-reliant and independent economy. - Vientiane Times/ANN
