Laos to provide low-interest funding to boost domestic production

VIENTIANE, Sept. 10 (Xinhua) — Representatives from the Lao government and the business sector have discussed strategies to provide low-interest funding to stimulate domestic production, aiming to bolster the country’s economic self-reliance.
According to a report issued by the Lao National Chamber of Commerce and Industry on Tuesday, the representatives discussed the sourcing and provision of credit to promote domestic production to meet local demand and produce more goods for export, as well as boosting productivity to reduce the need for imported goods.
Lao Prime Minister Sonexay Siphandone instructed the Ministry of Industry and Commerce and the Lao central bank, the Bank of the Lao PDR (BOL) to set up a production promotion fund with low interest rates that could be implemented efficiently and effectively to strengthen the operations of micro, small and medium-sized businesses, said the report.
He also directed relevant bodies to promote production on a commercial basis and attract more investment from abroad.
He advised relevant sectors to identify more markets for manufacturers, improve regulations, reduce unnecessary barriers to facilitate business operations, and summarized a proposal by the business sector on ways to find immediate solutions to the various issues they faced.
In addition, Sonexay instructed business leaders to use more technology and innovations to increase productivity and save time and money. ■