Thailand, Vietnam to remain major trading partners after AEC
Thailand, Vietnam to remain major trading partners after AEC
Thailand and Vietnam will be key trading partners when the country joins the Asean Economic Community in 2015 and around 20 percent of Lao products will go to other Asean markets, a senior economist has predicted.
The main products to be exported to these markets will be electricity, minerals and agricultural produce as well as other processed products.
Director General of the National Economic Research Institute (NERI), Dr Leeber Leebouapao said yesterday at a consultant and dissemination meeting at the National Assembly (NA) that the support of domestic private investors should be strongly promoted to ensure they can be self preserving.
“Over the past few years, the world has experienced many tough problems related to the price movements of fuel, gold and other goods in the global market and this has, on occasion, directly damaged the economies of a number of countries,” he said.
“The proper management of the exchange rate, central budget and food supplies are essential issues for the government to address, in order to protect the country from the negative effects of the global economic crisis,” he said.
He said the Lao economy is heavily dependent on various priority products such as hydroelectric power, minerals and agricultural products for export to other countries.
“With these particular products, Laos should upgrade capacity to ensure efficient production by adapting experiences from developed countries,” Dr Leeber said.
After the Asean Economic Community has come into effect in 2015, Thailand and Vietnam will be the main trading partners of Laos rather than the other Asean members.
“Only about 20 percent of Lao products will be go to the other Asean markets,” he explained, adding that challenges, negative impacts and social issues will be unavoidable because of the free flow of trade and migrant workers.
“The government will be required to seek proper ways to protect the benefits of local businesses ahead of the AEC establishment,” Dr Leeber added.
The meeting was not only aimed at disseminating the achievements of the socio economic research of the NERI in collaboration with UNICEF, it also allowed the meeting's participants to exchange their opinions on a range of different issues presented at the meeting.
Members of the NA, representatives of Vientiane, heads and deputy heads of line commissions at the NA were present at the meeting to hear about the past achievements of the research projects carried out by NERI and its development partner UNICEF.
The different aspects of socio economic research carried out by NERI and UNICEF were also submitted for implementation in the seventh National Socio Economic Development Plan (2011-15).
The impact of migrant workers on child issues, the side effects of economic changes resulting in a lack of nutrition and social welfare for children and the several impacts on Laos expected after joining the Asean Economic Community in 2015 were included in the studies.
vientiane times
