VIENTIANE: Lao officials and business representatives have gathered for the country's first nationwide investment promotion and management conference, emphasising investment's role in national development and the need for improved management to attract more investment.
The meeting, held in Lao capital Vientiane from Tuesday to Wednesday (Aug 11-12), was chaired by Lao Deputy Prime Minister Saleumxay Kommasith and attended by Lao Prime Minister Sonexay Siphandone, ministers and deputy ministers, senior officials, and business representatives, the Vientiane Mai newspaper reported on Wednesday.
In his speech, Saleumxay said the Lao People's Revolutionary Party (LPRP) and government have recognised the important role of domestic and foreign investment in national development.
Since opening the country to private investment, the government has continuously revised investment laws and policies to respond to changing development needs and attract capital, expertise, and technology, he added.
From 1989 to the present, Laos has approved 5,394 domestic and foreign investment projects with a combined value of US$65.5 billions. The largest number of foreign investors have come from China, followed by Vietnam and Thailand.
During the first seven months of 2026, 34 investment projects, worth a total of $8.5 billion, were approved, an increase of 68 per cent year-on-year.
Addressing the conference, Prime Minister Sonexay called for a new approach to investment promotion and management to make the process faster, more timely, transparent, professional, and effective.
He emphasised the need to strengthen monitoring and management of both existing projects and newly approved projects, ensuring strict and consistent compliance with laws and regulations. He also called for stronger action to address irregularities in the investment sector, including stricter enforcement against violations and greater use of modern tools and cooperation across sectors.
The meeting called on relevant sectors to strengthen their roles in promoting private-sector investment to increase private investment in line with the 10th National Socio-Economic Development Plan (2026-2030). - Xinhua
