Lao government announces plans to boost trade

  • Laos
  • Wednesday, 03 Nov 2021

VIENTIANE (Xinhua): Lao industry and commerce sector has formulated five new plans for the next five years to bolster trade and the supply of goods for domestic supply and export.

According to local daily Vientiane Times report on Wednesday (Nov 3), the plans were outlined by Deputy Minister of Industry and Commerce Somchith Inthamit at the fifth Party Congress of the industry and commerce sector in Lao capital Vientiane.

The meeting was attended by Vice-President of the Laos Bounthong Chitmany, Minister of Industry and Commerce Khampheng Saysompheng, government officials and sector party members.

The first plan aims for better integration with regional and international economies in the hope of opening up more export opportunities and strengthening border trade and services to link logistics in integrated areas.

The second plan aims to develop industry on an enhanced commercial basis for better market links, especially the development of industrial groups and new industries.

The third plan will see an improved business environment, better business management, the creation of databases and the wider use of technology in industry.

Other goals are to increase the number of micro, small and medium businesses by two percent per year, promote trade competition, improve the management of quality standards, and strengthen production systems and the inspection of trading activities.

The fourth plan aims to improve trade through the use of databases, statistics, electronic methods and new innovations, alongside tougher regulations and the closer management of trade.

The fifth plan will focus on improved macro management and supporting businesses to operate in compliance with regulations, orders, decisions and decrees issued by the government.

During the course of the five-year plan for 2021-2025, officials aim to increase the value of goods and services to at least 80 per cent of gross domestic product (GDP), with the export of industrial goods expected to comprise 50 per cent of this amount, according to the report.

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Laos , Trade , Economy , Export


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