Common use of HORIZONTAL COMMITMENTS Clause in Contracts

HORIZONTAL COMMITMENTS. All sectors included in this schedule 1) Borrowing from abroad by banks and enterprises shall be approved by the Bank of the Lao PDR. 2) A resident of Lao PDR who intends to invest directly or indirectly in a foreign country shall be approved by the concerned authorized organizations. The transfer of fund to be invested abroad shall be approved by the Bank of the Lao PDR. Bringing out of the Lao PDR the foreign currency more than 2,000 US$ shall be approved by the Bank of the Lao PDR. 3) Commercial presence of foreign service suppliers can be in the following form: − A joint venture with one or more domestic Lao investors, − A wholly foreign-owned enterprise1 − A branch or representative office The commercial presence of foreign service supplier shall be subject to approval of the concerned competent authority and of licensing by the Foreign Investment Management committee of the Lao PDR. The joint venture is established and registered under the laws and regulations of the Lao PDR. It is jointly owned and operated by one or more legal foreign investors/service 1) As indicated in the market access column.