Currently, Lao PDR has achieved WTO membership and is preparing in  various essential sectors for AEC integration in the coming year 2015. The Government has acknowledged that there is a necessity to increase the capacity of all business sectors, including domestically, to make an effort and support the international sector in order to explore the potential capacity and most beneficial prospects for the country, with the aim of enhancing the social-economic development to be expandable and sustainable  as well as reaching the expected targets.

Mr. Somsavath Lengsavad, Deputy Prime Minister, who provides economic guidance, in a speech given at the 8th Lao Business Forum, said that in order to implement the above, the Government has a key objective of improving the legal aspects, the administrative mechanisms, the responsibility levels and administrative rights between center and local as three key development policies for creating the facilities that would attract additional investment. Additionally, the Government will also continue to improve the mechanism of the National Single Window system, in order to reduce unnecessary and restrictive processes. The crucial achievements will be in the improvement and revision of the Labor Law, the development of a social-welfare law, industrial processing law, consumption protection law and other laws, improving the mechanism for turning asset property into capital effectively and simply as well as reviewing some regulations that are inadequate in order to facilitate running a business for domestic and foreign investors.

Dr. Sanan Chounlamany, Deputy Director of the Lao National Chamber of Industry and Commerce said that, according to the 5th resolution on improvement and development of enterprises, in order to be fully ready for completion and for the challenges of the period of economy integration regionally and internationally, the most important thing is to improve legal documentation and regulations that do not facilitate business creation and operation.

Information Source: Vientiane Mai Newspaper 

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