(KPL) Australia’s Minister of Trade, Tourism and Investment Steven Ciobo MP has announced an additional almost 25 billion kip (AU$ 4.1million) in Australian support to help improve the business environment in the Lao PDR.

“The Australian support will help Laos open up important sectors of the economy, reduce non-tariff measures, streamline business registration processes and strengthen private sector dialogue with the government, including through a revitalized Lao Business Forum,” said Mr Ciobo.

“It is no accident that Australia and Laos have worked closely together on trade policy over the last decade. Our domestic markets are too small to sustain the growth to which we aspire.  We both need to access the wealth of capital, partners, customers, and goods and services beyond our borders,” the minister said.

Mr Ciobo said that further reforms would make it easier for quality Australian companies to invest, trade, and grow their operations in Laos.

An improved business environment is not only good for business, it is also good for development, and good for the people. The Australian government is also investing directly in people through our education and scholarship work in Laos.  Ultimately, that’s what growth and development is all about, he said.

“Australia and Laos have much to offer one another.  In a region that promises so much for our future prosperity, both our countries are working for a better connected, more prosperous Mekong and ASEAN region, and a strong, open, rules-based global trading system,” Mr Ciobo announced at a business dinner in Vientiane Capital on Aug 4, hosted by the Australian Chamber of Commerce in Laos (AustCham Lao).

The dinner reception brought together 100 local and international business people to hear Mr Ciobo’s speech and participate in a Q&A session with the minister on regional and global trade issues.

Mr Steven Ciobo is in Vientiane this week for meetings with his ASEAN counterparts, to attend the ASEAN Economic Ministers Consultations with the Minister of Australia and New Zealand, the East Asia Summit Economic Minister’ Meeting, and to progress negotiations towards the Regional Comprehensive Economic Partnership (RCEP) agreement.

It is hoped that the RCEP, an agreement that will cover almost half the world’s population and more that 30 per cent of global GDP, will complement efforts through the ASEAN Economic Community to simplify commerce and reduce trading costs in the Asia-Pacific region.

“For Australia and Laos, what this all means is increased opportunities for our businesses, large and small, to find niches in global value chains,” the Australian minister said.

KPL