VIENTIANE, Nov. 26 (Xinhua) -- The Lao government is taking significant steps to boost domestic production and cut imports, aiming to strengthen the processing industry, promote the use and export of Laos-made products, and minimize the export of unprocessed raw materials.
Key measures include supporting businesses across various sectors, prioritizing industries that produce import substitutes, and addressing challenges to create a favorable environment for local production.
The Lao Ministry of Industry and Commerce will lead efforts to improve regulations, streamline procedures, and provide targeted support to businesses, Lao News Agency reported on Tuesday.
Speaking at the ongoing eighth ordinary session of the National Assembly's ninth legislature, Lao Minister of Industry and Commerce Malaythong Kommasith reiterated the government's commitment to developing robust production databases. These databases will provide accurate, comprehensive information for research, planning, and identifying competitive domestic products through import data and feasibility studies.
The government is also focused on overcoming existing obstacles, including improving the business environment for trade and investment, reducing production and transportation costs, stabilizing economic and financial conditions, and revising policies, laws, and regulations to attract investment in key industries.
Additionally, consultations will be held with credible local and foreign investors who have the financial capacity and relevant expertise. These engagements aim to refine policies that support effective production and ensure alignment with international standards. ■