VIENTIANE: The government has signed a Memorandum of Agreement with AIDC Tech Co., Ltd. to develop the Invest in Laos Platform (ILP), a digital investment management system aimed at modernising and streamlining investment promotion and management in Laos.
The agreement was signed in Vientiane on August 25 between Deputy Minister, Vice Chair and Standing Member of the Investment Promotion and Management Committee, Phonevanh Outhavong, and President of AIDC Tech Co., Ltd., Pheutsapha Phoummasak, witnessed by Standing Deputy Prime Minister and Chairman of the Investment Promotion and Management Committee, Saleumxay Kommasith.
The signing ceremony was also attended by officials from the Ministry of Technology and Communications and Ministry of Finance.
Standing Committee Member and Permanent Secretary of the Investment Promotion and Management Committee, Dr Vanthana Nolintha, highlighted the important role of domestic private investment and foreign direct investment in providing capital for the implementation of the government’s socio-economic development plans.
He noted that investment management has faced challenges due to the lack of a centralised database, with investment-related information scattered across different sectors and systems.
This lack of connectivity has contributed to duplicated approvals, lengthy review procedures and delays, particularly in site inspections before investment approval, affecting investor confidence.
The absence of an automated system for monitoring and managing investment projects has also created challenges in tracking project implementation and preventing project reservation.
To address these issues, the government is cooperating with AIDC Tech to develop the Invest in Laos Platform (ILP) as a modern, integrated digital system. The platform will digitise investment application, assessment and approval procedures while integrating information into a national database for private investment.
Phitsapha Phommasak said AIDC Tech would develop the platform using modern technologies, including artificial intelligence (AI) and optical character recognition (OCR). The system is expected to create an integrated digital investment management platform that can also incorporate mapping data from across Laos.
In its next phase, the platform is expected to connect relevant ministries and provincial authorities involved in investment approvals through a single system. This will help reduce costs and processing times, simplify procedures for businesses and investors, and enhance the monitoring of investment projects.
The initiative is expected to strengthen transparency, efficiency and effectiveness in investment management while creating a more modern and investor-friendly environment in Laos. - Vientiane Times/ANN
