3. Encouraging the enterprises and promoting investment for cultural industries
The overall objective of the measure is to create an enabling environment for the business sector in the country.
In order to create an enabling environment for the business sector in the country, the Government of Lao PDR has established a number of relevant laws, notably the Law on Enterprises (2005), Law on Investment Promotion (2009, amended in 2016), and Law on Promotion of SMEs. While these laws do not specifically address the culture sector, their inclusive scope no doubt would make them beneficial for the emerging culture sector in the country, especially the Law on Promotion of SMEs as most cultural and creative industries business are small and individually-owned.
Specifically, the Law on Promotion of SMEs indicates the ways SMEs can access financial resources and receive tax incentive (Articles 15-16) and defines the registration of intellectual property.
More business and enterprises on cultural and creative industries in Lao PDR will be established, which contribute to the diversity of cultural expressions and promotion of national socio-economic growth and improvement of livelihood of the multi-ethnic people.
Annual ministerial budget