The Lao government expects domestic and foreign private investment to climb to 23,086 billion kip (over 2.72 million U.S. dollars) in 2019, accounting for 52.06 percent of total investment or 13.95 percent of GDP, local media reported here on Thursday.
The figure was revealed on Wednesday at the Lao central and provincial investment promotion and management committee meeting, held in capital Vientiane. It was chaired by Lao Deputy Prime Minister and Chairman of the Central Committee for Investment Promotion and Management Sonexay Siphandone, local daily Vientiane Times reported.
Under the socio-economic development plan for 2019, the Lao government expects GDP to grow at 6.5 percent this year.
Promoting and attracting domestic and foreign private investment is a top priority for the achievement of socio-economic development plans and is a key driver of economic growth, the report said.
Private investment and investment in special economic zones is one of the government’s four funding sources for achieving its target, Lao Deputy Minister of Planning and Investment and member of the Lao Committee for Central Investment Promotion and Management Khamlien Pholsena, told the meeting.
Realizing the importance of promoting and attracting investment and improving the investment environment, in particular addressing the 10 specific indicators of business operations in Laos, the Lao government’s plan for 2019 sets clear measures to concretely resolve these indicators, the minister said.
In 2018, the Lao committee approved 43 concession investment projects, which included 14 electricity projects, 15 mining projects, five agricultural projects and nine service projects.
With regard to special economic zone promotion and management, 593 domestic and foreign companies have registered operations in special and specific economic zones (SEZs) in Laos, the report said.