Venturenauts is honoured and privileged to be leading the Lao government’s project team implementing regulatory impact assessment (RIA) as part of legislation making and amending processes in Laos.
At the recent meeting of the Lao Government RIA Task Force, chaired by the Vice Minister of Justice, H.E. Prof. Ket Kiettisak, Venturenauts’ Managing Director Peter McKenna gave an overview of the status, lessons and challenges with project implementation.
The Task Force, consisting of senior officials from economic ministries across the Lao government and the Asian Development Bank, confirmed the importance of the RIA Project. RIA targets the removal and prevention of unintended consequences and unnecessary costs from legislation on businesses, reducing the cost of doing business in Laos and making Lao markets and businesses more productive and competitive, and fostering a business environment in Laos that is more attractive to local and international investors.
Implementation of RIA in Laos is important and timely, given the country’s GDP growth targets, participation in the global economy, and commencement of the ASEAN Economic Community.