(KPL) To advance private sector investment in sectors critical to sustainable economic growth and job creation, the International Finance Corporation (IFC) is partnering with the government of The Lao PDR to improve the legal framework for Public-Private Partnerships (PPP), streamline investment entry and operational procedures, and enhance the overall business environment in the Lao PDR.

Through a new collaboration with the Investment Promotion Department, IFC, alongside the World Bank, will bring global best practices to the PPP tender process, increasing transparency and efficiency while providing capacity-building initiatives to equip government officials with practical experience in developing PPP projects.

These efforts aim to attract private investment in key sectors such as agriculture, logistics, and green-related business activities, which are vital to The Lao PDR's sustainable development goals and job generation.

Dr. Vanthana Nolintha, Director General, Investment Promotion Department

By fostering private sector participation, the partnership will help create employment opportunities and strengthen the country's workforce.

The Lao PDR offers substantial opportunities for investors, with its strategic location in Southeast Asia, a growing economy, and abundant natural resources. The government's recent initiatives to enhance cross-border connectivity and transform the country from land-locked to land-linked have further bolstered its investment appeal. Continued improvements in regulatory frameworks, institutional capacity, and market information will help unlock the full potential of private sector participation, driving economic growth and creating jobs.

Thomas Jacobs, IFC Country Manager for Viet Nam, the Lao PDR and Cambodia

"Facilitating private investment is essential for driving economic growth and creating jobs in the Lao PDR. This partnership with IFC will help us improve the legal framework for PPPs and streamline investment procedures, making it easier to do business in the country," said on Monday Dr. Vanthana Nolintha, Director General, Investment Promotion Department. "By leveraging IFC's expertise, we can ensure that our PPP projects are developed to international standards, creating a more conducive environment to attract private investments-especially foreign direct investment-in strategic sectors."

IFC's collaboration with the Lao Government builds on its ongoing support for reform efforts to improve the ease of doing business in the country. By simplifying entry procedures and operational processes, the partnership aims to reduce barriers for investors, promote sustainable economic development, and generate employment opportunities.

"Private sector investment is a key engine of economic growth and creating a transparent and efficient business environment is critical to attracting investors," said Thomas Jacobs, IFC Country Manager for Viet Nam, the Lao PDR and Cambodia. "Through this partnership, IFC is committed to supporting the Lao PDR's reform agenda, helping the country unlock its private sector potential, and driving job creation in key industries."

Working in the Lao PDR since 1998, IFC remains dedicated to supporting the country's development agenda by fostering private sector growth, promoting sustainability, and creating job opportunities.

KPL