It is necessary for the public and business community to enhance their collaboration to reform and change production structure and improve production management
to ensure sustainable collection of revenues for the state treasury, a senior official said.
President of the Lao National Chamber of Commerce and Industry Oudeth Souvannavongtold a meeting between the Prime Minister and business community on Jul 27 in Vientiane Capital that stronger collaboration between the public and private sector is necessary for achieving planned targets of the 8th socio-economic development plan and graduating the country from the least developed country status by 2020.
“The macro economic development is moving in right direction, open door policy and investment promotion policy as well as regional integration policy and hydropower industry, processing industry and service all constitute potential of the country for the promotion of growth in agricultural and processing industry, tourism and related service such as logistics, and banking and finance,” said Mr Oudeth Souvannavong.
He noted that regional connectivity development projects including the construction of railways, the upgrading of roads lying along the East-West and North-South economic corridors, the opening of opportunities for investment in real estate, as well as the development of special economic zones and specific economic zones, the promotion of agro industry, and the opening of air routes for tourism purposes, as well as the promotion of wholesale and retail service would facilitate and create favourable conditions for the investment and growth of the business sector.