Bokeo sees major economic improvements
Bokeo sees major economic improvements
Business has been booming in Bokeo of late, with the province's revenues grossing in excess of 1,554 billion kip over the past fiscal half year, representing a growth rate of 9.5 percent.
In the past six months, the agriculture and forestry sector achieved revenue of 669.5 billion kip, a growth of 7.1 percent and 43.1 percent of GDP, while the industrial sector confirmed 354.6 billion, a growth of 7.8 percent and 22.8 percent of GDP.
The service sector earned revenue of 530 billion kip, up 12.7 percent and 34.1 percent of GDP. With the growing revenue, the average annual per capita income stands at 8.3 million kip, according to a report from the Bokeo provincial Planning and Investment Department.
However, the province has set up a goal to achieve revenues in excess of around 1,920 billion kip by the end of this fiscal year, representing a growth rate of 10.1 percent. If this happens, the average annual per capita income will increase to 9.9 million kip.
In the next fiscal year, the province aims to collect revenues grossing in excess of 2,121 billion kip, representing a 10.5 percent growth and the average annual per capita income will increase to US$1,460 (11.2 million kip).
For the agriculture and forestry sector, the province expects to collect revenue of 889.3 billion kip, a growth of 8 percent and 444.6 billion for the industrial sector, representing an increase of 11.5 percent.
The province also hopes to earn revenue of 783.3 billion kip, 13 percent growth in the service sector.
Bokeo province in northern Laos covers an area of 6,196 Km2 and shares borders with Myanmar and Thailand on the Mekong River.
The economy is agriculture-based with a high proportion of subsistence farming. Rich natural resources exist throughout the vast forests in the Province. Such resources and local agro/bio-diversity are yet to be efficiently utilised or correctly managed.
Often local produce, cash crops and non-timber forest products are exported as unfinished commodities as local processing facilities are not available.
Subsequently, they are re-imported as high-value processed food to Lao consumers. This applies to most of the local produce including maize, sugarcane, ginger, peanut, bamboo, and wild tea leaves.
Bokeo is also strategically located in the center of the Economic Quadrangle (Thailand, Myanmar, China and Laos) as well as the North-South Corridor (overland connection between Southwestern China and Southeast Asia).
A bridge connecting Houay Xai and Chiang Khong in Thailand was completed in 2011 which is likely to further enhance the economy of Bokeo province and bring dramatic social and cultural changes to the area.
vientiane times
