Latest news with #InvestmentPromotionDepartment
The Star
27-06-2025
- Business
- The Star
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
The Star
17-06-2025
- Business
- The Star
IFC, gov't partner to strengthen Lao business environment
Laos aims to bring global best practices to the PPP tender process for projects such as hydropower dams. - Reuters 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
