​The national flag of Laos (Photo: jclao.com)

Sydney (VNA) – The Australian Government will provide Laos with an additional 4.1 million AUD (more than 3 million USD) of funding to help the Southeast Asian nation boost trade and the private sector.

In a joint media release, Australian Minister for Trade, Tourism and Investment Steven Ciobo and Minister for International Development and the Pacific Concetta Fierravanti-Wells said with this support, Laos will open up important sectors of the economy, reduce non-tariff measures, streamline business registration, and strengthen private sector dialogue with the government.

These reforms will make it easier for Australian companies to invest, trade and grow their operations in Laos, they noted.

Since 2008, Australia has been working with the Lao Ministry of Industry and Commerce, the World Bank and others to help Laos integrate into the regional and global economies.-VNA