Crop exports boom in Xieng Khuang
Crop exports boom in Xieng Khuang
The export of agriculture and forestry products from Xieng Khuang province has been increasing over the first five months of this year, with revenues grossing in excess of 2,298 billion kip, representing a growth rate of 9.6 percent in the province's GDP.
The main items being exported are rice, sweetcorn, cabbage, garlic and non-timber forest products, the majority of which are being sold to neighboring countries. This export boom will become the main income source for the province, and will help to prepare them for integration with the Asean Economic Community in 2015.
The agricultural sector represents a growth rate of 46.3 percent of GDP, while the industrial sector confirmed a growth rate of 32.5 percent of GDP.
The service sector shows a growth rate of 21 percent of GDP. With the growing revenue, the average annual per capita income stands at US$1,082 (8.6 million kip).
According to a recent report from the provincial adnistration office, the province's economy saw robust growth of 9.6 percent along with cooperation from within the sectors, especially in commerce and industry, to support small to medium enterprises, handicrafts and other businesses.
The province collected new revenue in excess of more than 124 billion kip, representing 44.5 percent of the early development plan. The province also earned additional revenue in excess of 209.9 billion kip from the opening of 45 market fairs.
The export boom has seen a more rapid than expected progress in the province along with increasing interest from foreign investors. There are now plans to encourage the local villagers to expand their plantation areas in order to grow more crops to meet the increasing demand.
There are o ver 250 major projects in the province. Of these, 36 have already been completed, while the rest are on-going, with state investment of 14.8 billion kip, representing a growth rate of 2 percent, while the state enterprise investment confirmed 57.6 billion kip has been allocated, representing 7 percent.
The province has an abundance of natural resources and plans to build factories to process the products for local and export sale.
Livestock breeding is one of the major agricultural activities in the province, which currently exports an average of 10,000 cattle and buffaloes to Vietnam every year.
In the fu ture, Xieng Khuang will establish a special economic zone in Paek district, to encourage more domestic and foreign companies as well as the government to invest in many areas of development, and employ new technologies to develop modern industries.
Xieng Khuang shares borders with Huaphan, Luang Prabang, Vientiane and Borikhamxay provinces as well as having a border with Vietnam. Xieng Khuang is also one of the main maize producing areas in Laos.
vientiane times
