Luang Namtha expects rapid growth in manufacturing, handicrafts
Luang Namtha expects rapid growth in manufacturing, handicrafts
Luang Namtha province expects its manufacturing, processing and handicraft sectors to improve on last year's output by 14 to 15 percent in the 2013-14 fiscal year.
The provincial Industry and Com merce Department has reported the total value of the products produced by the sectors is set to be more than 121.13 billion kip in 2013-14, up from 103 billion kip in 2012-13.
The department is hopeful the province can achieve the higher figures because it has observed intense production of construction materials to supply new infrastructure projects.
The 121.13 billion kip will include around 61.42 billion kip for the production and supply of construction equipment, around 25.59 billion kip for rubber, almost 22.21 billion kip for food, around 2.43 billion kip for traditional herbal medicine and around 1.23 billion kip for wood products.
The provincial authorities have improved their administration structur es and services to keep pace with the province's expanding raw material production sector, which is increasingly supplying industrial factories.
Provincial authorities predict output will continue to increase. A number of new factories have recently been issued with licenses.
Authorities have also set the target of 80 new companies requesting licenses to open for business in Luang Namtha, which would generate total capital of at least about 30 billion kip.
Currently there are 2,078 companies in the province. If the target of 80 more registering this fiscal year is met, there will be a total of 2,158 with a cumulative registered capital of over 1 trillion kip, pushing the province's economic growth further.
The province is now promoting both local and foreign investment to develop 84 hectares of industrial-zoned land, made up of 37 hectares in Luang Namtha district and 47 hectares in Sing district.
The industrial zone is aimed at increasing investment in processing factories, to attract foreign investors looking to put money into agricultural production.
vientiane times
