Sonexay stated that efforts to improve the business environment and streamline the startup registration process have gained momentum, as applicants are now able to register online to start their businesses and track the online application process.

A banana farm invested by HAGL Group of Vietnam in Laos. (Source: HAGL)

He said the government is also amending the Law on Investment Promotion, and the draft amendments to this law are going to be submitted to NA deputies for review and approval during this session.

According to the Minister of Planning and Investment Phet Phomphiphak, the business environment in Laos has improved significantly. Efforts to improve governance and rationalize the structure of state organizations to enhance the provision of public services have also been promoted.

Phomphiphak said improved regional connectivity has helped Laos become an increasingly important logistics and transportation hub due to cost-effective transport services, especially the railway network connecting Southeast Asian countries with China and Europe through the China-Europe railway network.

In the first quarter of 2024, the Lao government approved 6,007 development projects worth over 11 billion USD proposed by domestic and foreign investors.