Agriculture drives up GDP in Xayaboury
Agriculture drives up GDP in Xayaboury
Investment in agriculture and commercial production is driving up gro ss domestic product (GDP) growth in Xayaboury province.
The provincial economy keeps growing steadily. It has recorded a GDP of more than 4.35 trillion kip in the first three quarters (nine months) of this year, according to the report from the provincial Planning and Investment Department.
The total value of 4.35 trillion kip included about 38 percent coverage in the agricultural sector, 31 percent in the industrial sector and another 31 percent in the service sector.
“ The 38 percent of the coverage is a slight increase from the same period in the last fiscal year, where there was 36 percent coverage,” an official of the department said yesterday.
He said that agricultural investment rose to about 1,631 billion kip in t he first six months of this fiscal year, through investments in the farming of rice, maize, job's tear fruit, cassava, peanut and sesame.
So far the province has 124 investment projects in the sectors of agriculture, processing industry and services. The investors were mainly local businesspeople, farmers as well as some investors from China and Thailand.
The rice is mainly for local supply and the rest of the crops are largely for export.
The maize, cassava powder and job's tear fruit are larger exports than other crops and the main markets are China and Thailand.
Currently the province has a cassava factory in Paklai district; it is the investment by a Chinese company to process raw cassava into powder and supply the Chinese market.
The department believes that the economy will experience growth of around 10 percent or more in the coming year.
The province also plans to have GDP growth of about 6.1 trillion kip by the end of this fiscal year; while income per capita is expected to reach about 16 million kip or about US$2,000.
Xayaboury is located in the northwest of the country and it is quite mountainous and has the largest concentration of elephants in Laos.
The province is rich in timber and lignite, and is considered the rice basket of northern Laos, since most other northern provinces are too mountainous to grow enough rice.
Other important crops include maize, oranges, cotton, peanuts, sesame, sugarcane and vegetables such as cucumbers, cabbage and beans.
The province borders the provinces of Bokeo, Oudomxay, Luang Prabang as well as neighbouring Thailand.
vientiane times
