In a move aimed at maximising investment benefits for the local economy, the Laos government has amended its Investment Promotion Law to cut the maximum investment period for new concession projects from 99 years down to 50 years.
Bounnhang Vorachit, the President of Laos, recently issued a presidential decree to promulgate the law after it was passed by the National Assembly in November last year, according to a report yesterday in the local daily Vientiane Times.
“Cutting concession periods would enable us to revise conditions appropriately within suitable timeframes. The new concession period is commonly offered by many countries in the region,” the report quotes an unnamed official as saying.
Although the amended law states that the maximum investment period for a concession project is set at 50 years, it can be extended upon the agreement made by the Lao government or the National Assembly or the Provincial People’s Council in accordance with their respective responsibilities as indicated in the relevant laws.
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