Laos and development partners seek way for spurring macroeconomic and closer cooperation.

The Lao government attracted 98 projects invested by domestic and foreign sectors totaling about US$2 billion over the past six months of the fiscal year 2011-2012. The figure was reported in the executive consultation meeting on macro-economic between top Lao economic policy makers and foreign development partner in Vientiane on Tuesday.

The meeting was co-chaired by the Deputy Minister of Planning and Investment, Dr. Khamlien Pholsena and the Country Director of Asian Development Bank, Mr. Chong Chi Nai, with attendance of diplomatic corps and officials from relevant sectors.

The main objective of the meeting was to tighten the existing cooperation between Lao government and development partners in order to encourage the participation of all sectors in terms of strengthening macro-economic management.

At the meeting, the participants brainstormed ideas into some important documents including the progressive report on macroeconomic implementation, so far. The meeting estimated implementation of the state, private and foreign investment projects, investment policy promotion, and capacity strengthening in the framework of state financial sector for 7th five-year socio-economic development plan.

The meeting also highlighted the performance of domestic and foreign investment in fiscal year 2011-2012, especially the improvement of investment regulation with aims for overcome barriers of investment promotion.

This also aims providing better facilities to investors, attraction of investment and creating more team of single window service.

Macroeconomic team is one of ten working teams of the government, which are responsible for coordination with international organizations and donor countries so as to prepare for Laos to be the host of an annual roundtable meeting, scheduled on November.

The meeting will provide financial support to implementation of the 7th five-year socio-economic development plan to reach the UN Millennium Development Goals.

Macroeconomic team was established in 2006, which was co-chaired by Deputy Minister of Planning and Investment, Dr. Khamlien Pholsena and Asian Development Bank Country Director, Mr. Chong Chi Nai.

Photo Credit: Lao News Agency