Minister of Planning and Investment Dr Phet Phomphiphak (right) and Japanese Ambassador Koizumi Tsutomu address a transport meeting on Friday.

Japanese firms request more support for business operations

Representatives of the Japanese government and businesses have asked the Lao government to improve transportation, especially through land ports, improve the regulations around foreign currency exchange, and resolve other problems hindering investment by Japanese companies.
The recommendations were put forward at the 18th Laos-Japan public-private meeting held in Vientiane on Friday, co-chaired by Laos’ Minister of Planning and Investment Dr Phet Phomphiphak and the Japanese Ambassador to Laos, Koizumi Tsutomu.
The meeting discussed problems and possible solutions relating to business operations, as well as the work of Japanese companies operating in Laos.
Participants highlighted the lack of clarity in government regulations and problematic situations encountered by privately-owned businesses, with the aim of enhancing mutual understanding and identifying ways to improve conditions for business operators.
Dr Phet said “A meeting between the government and private sectors takes place every year, when Japanese government and business representatives raise issues that are obstacles to doing business in Laos.”
“On each occasion, the Lao government agrees to resolve some of these problems, while frank exchanges about other issues provide useful information that spur further discussion on the path to finding solutions.”
“Last year the government was able to resolve one of the problems raised by Japan when the Ministry of Planning and Investment revised and recirculated an agreement on the establishment and management of representative offices of foreign legal entities in Laos,” Dr Phet said.
“Issues relating to foreign currency are the main thrust of the government’s national agenda to tackle Laos’ economic and financial difficulties, under which foreign exchange management is being revised,” he added.
“At the same time, a special taskforce has been set up to improve freight transport and respond to the recommendations made by businesses.” 
The government has also introduced legislation and policies to better regulate private sector investment, improve infrastructure, and streamline the process of investment in Laos, making it faster, easier, and more transparent.
In addition, the government has improved mechanisms for conducting business, which is encouraging more Lao and foreign companies to invest in Laos. Japanese entities currently have investments in 91 projects worth more than US$134 million in the fields of services, education, agriculture, industry and crafts.
Japan ranks 14th in terms of foreign investment in Laos, according to the Ministry of Planning and Investment.

By Times Reporters
 (Latest Update December 16, 2024)