VIENTIANE, Nov. 22 (Xinhua) -- The Lao government and the private sector convened for a meeting here on Tuesday to discuss collaboration to improve the business environment and increase private sector investment in the Southeast Asian country.
Over 80 participants representing various entities, such as line ministries, embassies, development partners, and the domestic and foreign business community, attended the 21st Trade and Private Sector Working Group meeting, hosted by the Lao Ministry of Industry and Commerce, the Lao News Agency reported on Wednesday.
In his opening remarks, Lao Deputy Minister of Industry and Commerce Bounthueng Douangsavanh emphasized the importance of improving the business environment to create favorable conditions to overcome current macroeconomic challenges.
"Over recent years, we have made several reforms to improve the environment for business. However, much more needs to be done to promote economic diversification and reduce our dependence on the resource sectors as main growth drivers," said Bounthueng.
The meeting was divided into two main sessions. The first session featured constraints to private investment, including skill shortages in the Lao labor market presented by the World Bank, and key findings and recommendations from the European Chamber of Commerce and Industry in Laos.
The second session focused on an update of ongoing reforms to improve the trade and investment environment, including the revision of the controlled list and investment promotion law by a representative from the Investment Promotion Department under the Lao Ministry of Planning and Investment.
Bounthueng concluded the meeting, recognizing the valuable contributions of all participants and reiterating the government's commitment to creating a more conducive environment for trade and private sector growth.
Trade and Private Sector Working Group is one of the ten sector working groups under the Round Table Process and is the main forum for policy dialogue between the Lao government and development partners.
The working group meetings are organized semi-annually to address issues related to trade policies, investment promotion, infrastructure development and other matters that affect the private sector and trade within the country. ■