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A proper, consistent and coherent national legal and regulatory framework for investment is essential to attract foreign direct investment (FDI) for sustainable growth. This paper examines the national legal framework for investment, with focuses on prerequisites for a good legal framework for investment and the need to strengthen the rule of law. It also examines the international investment agreements and its interactions with national laws. This paper illustrates one particular least developed landlocked country: Lao People’s Democratic Republic (Lao PDR). This paper illustrates a number of reforms that Lao PDR implemented, and also recommends for some areas for further improvement. Lao PDR’s national laws on investment are examined and also its relations with international investment agreements, most importantly the ASEAN Comprehensive investment agreement (ACIA).

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