Representatives from government agencies in charge of implementing business reforms and development partners met yesterday to hear the feedback on Laos’ updated reforms memo and to review the ease of doing business reforms action plan for 2020-22.
The workshop on the World Bank Group’s feedback on the updated reforms memo and the action plan was held in Vientiane under the chairmanship of the Director General of the Investment Promotion Department under the Ministry of Planning and Investment, Mr Outakeo Keodouangsinh.
In his opening remarks, Mr Outakeo said the aim of the workshop is to review and priorities reform actions needed to address the remaining constraints to improving the country’s Ease of Doing Business (EDB) ranking for 2022.
According to the World Bank Group’s response letter dated December 17, 2020, the bank has accepted five out of 18 reforms reported, and this is expected to contribute to a slight improvement of Laos’ ranking in the Ease of Doing Business Report for 2021.
The department has worked with relevant sectors, in particular the targeted sectors that have potential for improving Laos’ ranking in Ease of Doing Business Report over the next two years, such as industry and commerce, tax, public works and transportation, and energy and mining, to review priority actions for 2021-22, mobilize technical assistance needed and increase private sector participation in the reforms process.
Additional efforts will be needed to improve the coordination mechanism between the sectors and technical task force committees, information dissemination, and monitoring the implementation of new regulations at the local level, he said.
Mr Outakeo congratulated all concerned agencies, ministries and task force committees for their contributions to improving the business environment in Laos, and said the ministry will continue supporting the sectors to reduce processes, time and costs, and to improve the legal framework for doing business in Laos in future.