According to government officials, more than 1,000 businesses registered in 21 Special Economic Zones (SEZs) across seven provinces in Laos have provided 60,000 employment opportunities to the local population.
During a meeting held on Monday, Mrs. Khamchan Vongsenboun, Vice Minister of Planning and Investment, revealed that the total investment value in these SEZs has surpassed USD 64 billion. The tax revenue generated from them has amounted to more than USD 44 million, contributing significantly to the country’s economy.
Additionally, the creation of around 63,000 jobs in these regions has played a crucial role in providing employment opportunities to local residents.
During the meeting, the Vice Minister also urged for better management in the development of a multi-skilled workforce and asked relevant authorities to make sure the investment process in SEZ regions is made hassle-free to attract local and foreign investors.
Recognizing the significance of protecting investors in these SEZs, the Lao National Assembly has agreed to undertake a comprehensive review to improve legislation concerning investor protection within the special economic zones. This initiative is set to be implemented over a period of five years, from 2020 to 2025.