Xayaboury economy continues to grow
Xayaboury economy continues to grow
Xayaboury province expects economic growth will be 10 percent this year thanks to strong investment in the industry, agriculture and services sectors.
Deputy Xayaboury Governor, Mr Yunyong Sipaseuth told media recently the investment in agriculture had increased by 4.6 percent, industry by 12 percent and services by 13 percent if compared to last year.
The growth had pushed the province’s income to 237 billion kip for the first ninth months with income expected to reach around 278 billion kip by the end of this fiscal year.
Meanwhile, income per capita is at 16 million kip or US$2,000 with it projected to grow to US$2,100 in 2015.
At present, the province is experiencing booming exports of maize and job’s tear fruit to China, Vietnam and Thailand on the back of continued growth thanks to higher demand this year. The province is also encouraging farmers to increase production of these crops to reach 100,000 tonnes for the next two years.
It is also boosting exports of rice to reach 195,716 tonnes by the end of this year while encouraging farmers to improve their productivity to be able to compete with neighbouring nations.
The province will also push farmers in an effort to be ready for the arrival of the Asean Economic Community in 2015.
The province is also cooperating with state banks to give farmers better access to loans to help ensure they can improve production in the future as an important part of driving economic growth.
Xayaboury expects that when hydropower construction projects are finished and the electricity is sold to neighbouring countries, it will help to continue the province’s economic growth in the years ahead.
According to the nine month point of the Economic Development Plan (2013-2014) the province had 159 projects with an investment value of 64 billion kip while total exports were valued at US$ 25.6 million and imports at US$ 48.4 million.
vientiane times
