Project progress review meeting to accelerate implementation of measures to improve business environment and firm competitiveness

Vang Vieng, August 2022. The Lao Competitiveness and Trade Project (LCT) implementing partners and the National Implementation Unit (NIU) discussed project implementation challenges and agreed specific output targets for 2022 on August 25-26, 2022.

During the meeting, H.E. Dr. Manothong Vongsay, Deputy Minister of Industry and Commerce, who chaired the meeting, spoke about the importance of interventions supported by the LCT Project in supporting Lao government’s efforts to promote sustainable development of private sector through improving business environment, trade facilitation, and firm level competitiveness. “Although significant progress is being made by the project in most intervention areas, a lot still need to be done to make sure all project development objectives can be achieved within the project time frame and more importantly the project needs to generate changes in legal and regulatory environment that improve private sector experience in complying with regulations.”

A key theme that underpins the half day project progress update meeting is the need to deliver tangible results in reducing time and cost for starting a business, trading across borders, and raising productivity at firm and sector level to ensure that the project has the maximum impact on promoting economic diversification and improving the livelihoods of the poor.

H.E. Dr. Manothong Vongsay, Deputy Minister of Industry and Commerce concluded the meeting by encouraging all implementing agencies to make extra efforts in delivery of agreed business environment reform targets according to the work plans endorsed by the Program Executive Committee.

Following the project review meeting, the NIU also conducted training on project Monitoring and Evaluation System, Gender Mainstreaming, Financial, and Procurement Management to all implementing agencies.

The Lao PDR’s Competitiveness and Trade Project (LCT) is a multi-donor project funded by the World Bank Group, Australian Aid, Irish Aid, and USAID, which implementing at the Department of Planning and Cooperation, Ministry of Industry and Commerce. LCT project aims to eliminate the barriers to private sector-led growth by improving the regulatory environment, lowering trade costs and raising firm-level competitiveness.