Xekong's economy continues to grow
Xekong's economy continues to grow
Xekong province unveiled its socio economic development over the past six months has increased greatly as the Gross Domestic Product (GDP) reached 1,164 billion kip, adding u p to US$1,316 per capita.
The Deputy Governor of Xekong province Mr Lieng Khamphoun recently published a report on the 2013-14 fiscal year saying the local economy experienced growth of 13.9 percent overall, with the agriculture and forestry sector at 8.5 percent, the industry sector at 22 percent and the service sector at 19 percent.
Mr Lieng said the provincial authority was able to increase investment funds from domestic and foreign investors such as seven projects worth US$6.1 million, grants and loans for 41 projects worth US$8.39 million and banking credits worth more than 487 billion kip.
“Around 162 government projects approved by the National Assembly have been implemented with a fund of over 101 billion kip,” he said.
The provincial authorities are satis fied with the growth of socio-economics over the past six months of the fiscal year. However, Mr Lieng also reported that there were con cerns over ineffective revenue collection and the management of public expenses.
“The threat of natural disasters such as floods and drought are creating difficulties for authorities, who need to meet an income collection target,” he said.
Xekong province also faces limited funds for development projects and the price of goods seems to be on the rise, which is affecting the cost of living of residents in the province.
Mr Lieng also noted authorities in Xekong province were currently encouraging businesspeople to invest in the agricultural sector such as coffee, corn, vegetables and other crops as the produce can be supplied to local and foreign markets and create potential income for local farmers.
vientiane times
