Lao gov't launches one-stop investment registration

Government sectors in Laos on Monday launched a one-stop service for investment registration to attract more foreign businesses to Laos and shift the land-locked country to a new production base.

Somsavat Lengsavad cuts a ribbon to open the one-stop service office in Vientiane yesterday.

Under the new system, the procedures for document approval will be reduced and entrepreneurs will get business licenses in a shorter period of time.

Minister of Planning and Investment Somdy Duangdy, Minister of Industry and Commerce Dr Nam Vinhaket and Minister of Finance Phouphet Khamphounvong signed agreements to launch the one-stop service in Vientiane Monday.

Deputy Prime Minister Somsavat Lengsavad, who supervises the economic sector, had the honour of cutting a ribbon to open the one-stop service office at the Ministry of Planning and Investment.

The service is now available at three ministries.Beginning today, entrepreneurs who want to do business in Laos will need to submit their documents at the Ministry of Industry and Commerce.

Applications for concessions will be handled by the Ministry of Planning and Investment and tax-related paperwork will be submitted to the Ministry of Finance.

Director General of the Investment Promotion Department Mr Houmpheng Soulalay is the head of the Ministry of Planning and Investment's one-stop service office.

Houmpheng said that before the service was launched, it took 20-25 days or longer to get a general business license but, under the one-stop service system, applicants can obtain a license within 15 days.

Prior to this, business operators needed to go to several government departments to obtain a license, wasting their time and money.

"The one-stop service office does not just aim to facilitate investment but also provides assistance to address problems that businesspeople might encounter," Houmpheng said.

Somsavat said foreign investors are interested in doing business in Laos because of the country's cheap labour and political stability.

"Some people have told me they want to shift their operations to Laos but they want us to provide more facilities," he said.

He suggested that the one-stop service needs to be in operation all the time and if one person is absent or has gone to a meeting then another person needs to take their place.

He urged the ministries involved to act ethically and define the duties of officials employed at one-stop service offices to ensure they work efficiently, so there is transparency in the process to facilitate foreign investment in Laos.

Somsavat told yesterday's meeting that in previous years some people had complained about the length of time it took to obtain an investment license and said that all these problems need to be addressed urgently.

The government needs about US$15 billion to ensure the country's economic growth remains at 8 per cent over the next five years, of which 50 per cent will be sourced from domestic and foreign investment.

Laos has been attracting foreign investment since 1998 and has amended regulations and laws several times since then in response to the situation in Laos and to global changes, to boost investment in the country.

The government feels that sustained foreign investment will enable Laos to rise above poverty and leave the list of least developed countries by 2020.

Posted by samakomlao on 11:05 PM. Filed under Laos, Upcoming . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response