Australia provides funds to boost investment, economic cooperation with Laos
Government officials, representatives from the Australian Embassy, and the United Nations Economic and Social Commission for Asia and the Pacific gathered after the launch of the LIFT 4 Laos programme in Vientiane on Tuesday. - Photo: Vientiane Times/ANN
VIENTIANE: The Government of Australia has provided more than AUD2.1 million through the Mekong-Australia Partnership initiative to enhance Laos' investment climate, foster sustainable growth, and deepen regional cooperation.
The Lao government, Australia, and the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) on Tuesday (June 24) launched the Laos-Australia Investment Facilitation and Transformation for Economic Resilience (LIFT 4 Laos) programme.
The initiative aims to strengthen Laos' capacity to attract high-quality foreign direct investment, promote sustainable economic development, increase resilience to external shocks, and enhance regional cooperation.
Building on longstanding collaboration between ESCAP, the Australian Embassy in Laos, and the Investment Promotion Department, LIFT 4 Laos will deliver a comprehensive approach that combines institutional capacity building, development of concrete investment promotion tools and investment-ready projects, establishment of effective systems for investor targeting and facilitation, and strengthened integration of Laos into Asean's investment networks and value chains.
Head of Office at the Ministry of Foreign Affairs, Bovonethat Douangchak, said 'Today, we celebrate not just the launch of a programme, but the deepening of a vital partnership between Laos and our esteemed development partner Australia through the Department of Foreign Affairs and Trade, and ESCAP.'
'This collaboration is a clear indication of our shared vision and commitment to unlocking Laos' vast economic potential for green growth and sustainability.'
Chargé d'Affaires at the Australian Embassy in Laos, Benita Sommerville, said 'Australia is proud of our enduring partnership with Laos. A key pillar of our partnership is economic, trade and investment cooperation. I am pleased Australia can further deepen our partnership in economic development through this new partnership, supported by Australia through the Mekong-Australia Partnership, with the Investment Promotion Department.'
'Attracting high-quality investment is critical to Laos' sustainable growth, bringing in technology, skills and standards that lift productivity and create long-term jobs. It helps diversify the economy and ensures that development benefits communities, not just company balance sheets.'
'LIFT 4 Laos builds on a portfolio of collaboration between ESCAP and the Government of Laos, including the development and implementation of the Asean Regional Investment Promotion Action Plan, as well as the successful organisation of the Asean Investment Forum 2024 also funded by Australia, which took place in Vientiane during Laos' Asean chairmanship, Sommerville said.
The LIFT 4 Lao initiative will deliver targeted capacity building, institutional system development, and stronger regional integration. - Vientiane Times/ANN
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