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(KPL ) The ongoing 7th Ordinary Session of the National Assembly (NA) considered draft amendments to the Law on Investment Promotion on Jun 26.
(KPL ) The ongoing 7th Ordinary Session of the National Assembly (NA) considered draft amendments to the Law on Investment Promotion on Jun 26.
The law amendments were presented by Minister of Planning and Investment Phet Phomphiphak.
The amended draft law comprises of 12 parts, 16 chapters and 101 articles.
“Since 2016, when the law was adopted, private investment has reached 28 billion US dollars, contributing significantly to the constant economic growth in the country,” the minister told the meeting.
Although achievements have been made, some challenges have been identified since the adoption of the law, according to the minister.
“Some investment projects fail to pay attention to fulfilling tax obligations that have been stated in contracts, impose impacts on local communities and environment, get delayed,” said Minister Phet Phomphiphak. “So it is necessary to amend the Law on Investment Promotion to make sure the law is in line with the economic growth of the country in the new era and create favourable conditions for foreign and domestic private investment.”
KPL
