Govt endorses draft legislation on dry ports, investment to drive growth

The government has endorsed several crucial documents aimed at bolstering trade and investment, improving citizens’ lives, and safeguarding national security.
At the conclusion of the government’s monthly meeting for March on Wednesday, the cabinet adopted in principle several key legislative proposals, including draft amendments to a decree on dry ports, acknowledging the need for clear and coherent guidelines to facilitate effective investment management of these ports.

Dr Sonexay Siphandone leads the monthly government meeting for March.

Chaired by Prime Minister Sonexay Siphandone, participants discussed and endorsed in principle draft amendments to the Law on Investment Promotion, with particular emphasis on delineating the parameters for investors in Laos seeking to venture abroad.
A draft national productivity master plan to 2030 and draft amendments to a decree on permanent residency for people of Lao descent living abroad were also passed, along with regulations relating to border crossings and international airports.
Deliberations also included the strategic blueprint for national cyber security development until 2030.
Looking ahead to the tasks earmarked for April, the government reiterated its commitment to tackling economic and financial challenges.
The meeting stressed the need to increase productivitiy and make progress on export diversification and product processing in Laos. Authorities pledged targeted interventions to address inflationary pressures stemming from price volatility in certain product categories.
According to data released by the Lao Statistics Bureau, the inflation rate for March stands at 24.9 percent. Inflation remains high due to the weak kip, rising fuel prices, and inadequate control of the cost of domestic goods and services.
Cabinet members also resolved to augment state revenue, with an emphasis on harnessing economic potential in the mining and tourism sectors. At the same time, efforts will be directed towards exploring innovative revenue streams to bolster the state coffers and sustain economic resilience.
As the government charts its course for socio-economic progress, these deliberations underscore its unwavering dedication to steering Laos towards a path of sustainable development and prosperity.
Participants also reviewed work undertaken and ongoing situations in March and outlined the plan of action for April.

By Times Reporters
 (Latest Update March 29, 2024)