IFC, gov't partner to strengthen Lao business environment
VIENTIANE: The International Finance Corporation (IFC) is partnering with the government to improve the legal framework for Public-Private Partnerships (PPP), streamline investment entry and operational procedures, and enhance the overall business environment in Laos.
This is aimed at advancing private sector investment in sectors that are critical to sustainable economic growth and job creation.
Through a new collaboration with the Investment Promotion Department of the Ministry of Finance, the IFC, alongside the World Bank, will bring global best practices to the PPP tender process, increasing transparency and efficiency while providing capacity-building initiatives to equip government officials with practical experience in developing PPP projects.
These efforts aim to attract private investment in key sectors such as agriculture, logistics, and green-related business activities, which are vital to Laos' sustainable development goals and job generation.
By fostering private sector participation, the partnership will help create employment opportunities and strengthen the country's workforce.
Laos offers substantial opportunities for investors. With its strategic location in Southeast Asia, a growing economy, and abundant natural resources, the government's recent initiatives to enhance cross-border connectivity and transform the country from land-locked to land-linked have further bolstered its investment appeal.
Continued improvements in regulatory frameworks, institutional capacity, and market information will help unlock the full potential of private sector participation.
Director General of the Investment Promotion Department, Dr Vanthana Nolintha, said 'Facilitating private investment is essential for driving economic growth and creating jobs in Laos. This partnership with the IFC will help us improve the legal framework for PPPs and streamline investment procedures, making it easier to do business in the country.'
'By leveraging IFC's expertise, we can ensure that our PPP projects are developed to international standards, creating a more conducive environment to attract private investment, especially foreign direct investment in strategic sectors.'
The IFC's collaboration with the government builds on its ongoing support for reform efforts to improve the ease of doing business in Laos.
By simplifying entry procedures and operational processes, the partnership aims to reduce barriers for investors, promote sustainable economic development, and generate employment opportunities.
IFC Country Manager for Vietnam, Laos and Cambodia, Thomas Jacobs, said 'Private sector investment is a key engine of economic growth and creating a transparent and efficient business environment is critical to attracting investors.'
'Through this partnership, the IFC is committed to supporting Laos' reform agenda, helping the country unlock its private sector potential, and driving job creation in key industries.'
Working in Laos since 1998, the IFC remains dedicated to supporting the country's development agenda by fostering private sector growth, promoting sustainability, and creating job opportunities. - Vientiane Times/ANN
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