VIENTIANE, June 17 (Xinhua) -- The Lao government is partnering with the World Bank's International Finance Corporation (IFC) to improve the country's business climate by strengthening the legal framework for Public-Private Partnerships (PPPs), simplifying investment procedures, and enhancing the overall business environment.
This partnership aims to boost private sector investment in sectors vital to sustainable economic growth and job creation. The opening ceremony for the cooperation project took place on Monday in the Lao capital Vientiane. Through this collaboration, both sides will introduce global best practices for PPPs tender processes.
According to the Lao News Agency on Tuesday, the partnership focuses on improving transparency, efficiency, and building capacity among government officials involved in developing PPPs projects. The initiative targets key sectors such as agriculture, logistics, and green industries, supporting Laos' sustainable development goals and efforts to generate employment.
In his speech, Director General of the Investment Promotion Department under the Lao Ministry of Finance, Vanthana Nolintha, highlighted Laos' strong investment potential, citing its strategic location, growing economy, and abundant natural resources.
He said that such collaboration will help strengthen legal and regulatory frameworks, making it easier to do business and attract both domestic and foreign investment. ■
