The Lao government has announced the establishment of a low-interest business funding program aimed at bolstering the country’s economic self-reliance and addressing ongoing financial challenges.
The announcement followed a key meeting that focused on strategies to offer low-interest loans designed to stimulate domestic production and reduce the country’s reliance on imports.
During the meeting, the participants shared a report on the Enterprise Promotion Fund, reviewing previous credit allocations and suggesting future funding strategies. Business representatives talked about the current state of production, credit access, and the strengths and weaknesses of both public and private sectors.
The discussion overall highlighted the need for a low-interest fund that is transparent, fair, and sustainable.
In response, Prime Minister Sonexay Siphandone directed the Ministry of Industry and Commerce, along with the Bank of Laos, to establish a production promotion fund with low interest rates. The fund aims to support the growth of micro, small, and medium-sized enterprises (MSMEs), ensuring that the initiative is implemented effectively and efficiently.
The Prime Minister also encouraged business leaders to embrace technology and innovation to improve productivity. By adopting modern practices, businesses can reduce costs and save time, while enhancing their operations to remain competitive.
Additionally, PM Sonexay called on the ministry and other relevant agencies to promote commercial-scale production and actively seek foreign investment to further bolster the country’s economic growth.
