People’s representatives at the ongoing 2nd Ordinary Session of the National Assembly yesterday approved amendments to the Law on Investment Promotion.
Previously, the Law on Investment Promotion was amended for the first time in 1994. Its second and third amendments were announced in 2004 and 2009, respectively.
“The amendment of the law is to ensure that it is aligned with the resolution of the 10th Congress of the Lao People’s Revolutionary Party, the 8th five-year national socio-economic development plan (2016-2020), and the ten-year national socio-economic development strategy (2016-2025),” said Minister of Planning and Investment, Mr Khamlien Pholsena who is in charge of the amendments to the law.
“If an enterprise wishes to be granted investment incentives under this law, it shall have the right to request them from relevant authorities,” said the minister when defending the amendments to the law.
Source: Lao News Agency