The Investment Climate Advisory Services of the World Bank Group will support the Lao government to improve business climate through regulatory reforms over the next three years.

Lao Deputy Minister of Planning and Investment Bounthavy Sisouphanthong signed the agreement to this effect with Resident Representative of the IFC to Laos Aimilios Chatzinikolaou in Vientiane on March 21.

Accordingly, the IFC through its Business Regulatory Project will help the government eliminate unnecessary regulatory procedures and licenses as well streamline procedures in key areas to business operation.

Mr. Bounthavy was quoted by KPL as saying that Laos highly appreciates IFC's long standing partnership and new initiative in advising on the needed business regulatory reforms to foster an investor-friendly environment.

He expressed his belief that IFC's global experience in conducting such work will help introduce the best practices in business regulation to Laos.-VNA