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Laos to boost domestic production, reduce imports

Lao Ministry of Industry and Commerce (MTC) has proposed measures to promote the country’s domestic production and reduce imports, during the ongoing 5th ordinary session of the 9th National Assembly.
Laos to boost domestic production, reduce imports ảnh 1

Lao Deputy Minister of Industry and Commerce Chansouk Sengphachanh speaks on the 5th Ordinary Session of the Lao National Assembly. (Photo: Paxason)

ô tả cho ảnh

Vientiane (VNA) – Lao Ministry of Industry and Commerce(MTC) has proposed measures to promote the country’s domestic production andreduce imports, during the ongoing 5th ordinary session of the 9th NationalAssembly.

Deputy Minister of Industry and Commerce Chansouk Sengphachanh said that the MTC has been working with the Ministry of Planning and Investmentto encourage businesses in Laos to sell domestically produced products insteadof imported goods.

The MTC is also cooperating with the Ministry of Agriculture andForestry (MAF) to regulate the importation of products that can be produceddomestically.

The two ministries agreed to decrease the exports of rawmaterials and allocate supplies to domestic industries to assist in the exportof high-value goods.

Ministries, agencies, and localities will develop plans fororganising trade fairs to promote agricultural products as well as their jointaction plan.

Chansouk said that to further support micro-, small-, andmedium-sized enterprises (MSMEs), the MTC will provide low-interest loans and offer technical assistance to help them improve their productionquality.

The MTC will strengthen cooperation with the Bank of Laos toregister all importers and exporters within the next six months and develop aconsolidated database of this information, allowing for better regulation oftwo-way trade in the country, she said./.

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