VIENTIANE: The government is ramping up efforts to achieve its 4.8 per cent economic growth target for 2025, with a focus on strengthening key industries, improving infrastructure and stabilising inflation.
In 2024, Gross Domestic Product (GDP) was recorded at 4.6 per cent, surpassing the 4.5 per cent set by the National Assembly, according to the Ministry of Planning and Investment.
At the February government meeting which began on Thursday (Feb 27), chaired by Prime Minister Sonexay Siphandone, the cabinet reviewed economic progress and outlined priority tasks for March.
Despite global uncertainties, Laos has made progress in revenue collection, trade, and inflation control.
Revenue collection in February increased by 64.85 per cent compared to the same period last year, while the value of imports and exports, excluding electricity, rose by 11.7 per cent.
The inflation rate fell from 15.5 per cent in January to 12.7 per cent in February, reflecting improved economic stability, according to a press release from the Prime Minister’s Office.
To ensure the government meets its economic targets, the meeting directed the Ministry of Planning and Investment, in coordination with relevant sectors, to refine strategies based on government members’ feedback.
Key measures will focus on strengthening agriculture by promoting key crops and livestock, linking production to processing industries, and improving irrigation, technology, and financial support to boost productivity.
In industry and commerce, efforts will be made to expand mineral exploration and processing while encouraging Lao businesses to replace imports with locally produced goods.
The energy and mining sector will prioritise the timely completion and operation of electricity and mining projects to enhance energy security and increase export revenues.
In tourism, the government is working to improve infrastructure, services and activities to attract more visitors, with an emphasis on cleanliness, safety, and sustainability.
Meanwhile, transport and logistics upgrades will include road improvements, checkpoint expansions and airport upgrades to facilitate investment, tourism and regional trade links.
To sustain growth, the government is strengthening policies to promote domestic production, encourage exports and limit unnecessary imports.
Authorities will focus on supporting businesses, improving trade negotiations, and expanding market access, particularly with China, Vietnam and Thailand.
Infrastructure development remains a key priority, with efforts underway to repair roads affected by flooding and landslides and upgrade transport links to major economic zones. Ongoing projects include the Vientiane-Hanoi Expressway, the Vientiane-Boten Expressway and Route 12.
Financial regulations are also being refined, with measures to promote greater use of the kip, restrict the import of luxury goods and strengthen foreign currency management to ensure economic stability.
In addition to economic policies, officials will do more to address drug-related issues and illegal trade and improve road safety, aiming to maintain law and order across the country. - Vientiane Times/ANN
