The economy of Laos continues to develop in the 2012-2013 fiscal year with a growth rate of 8 percent.

Speaking at a conference in Vientiane on October 2 and 3 to assess the situation in the period and to work out measures to implement the 2013-2014 plan, Lao Prime Minister Thongsing Thammavong further said in the fiscal year, the country attracted 52 foreign investment projects totalling 3 billion USD, 11.52 percent higher than the previous fiscal year, and the poverty alleviation work was carried out in a large scale.

However, he also pointed to the weak points and difficulties for the country such as the low reserves, the reliance on the mining of natural resources, the export of raw materials, and the poor infrastructure.

Besides, the global economic crisis and the natural calamities have also caused serious impact on the Lao economy.

The 2013-2014 fiscal year is of great importance to Laos in its efforts to ensure a sustainable socio-economic development in association with the environment protection, the PM said.

He called on relevant authorities to strive more to accomplish their tasks towards successfully implementing the Millennium Development Goals and joining the ASEAN Economic Community by 2015.-VNA