Xayaboury province eyes 9 percent growth
Xayaboury province eyes 9 percent growth
Xayaboury is projecting 9 percent economic growth during this fiscal year with PGDP (provincial gross domestic product) forecast at 7.28 trillion kip. Provincial Deputy Governor Mr Yanyong Sipaserth presented the plan at the recent 13th Party Congress of the province.
He said the province planned to achieve 9 percent economic growth with per capita PGDP expected to reach 19.4 million kip or US$2,400.
It would strengthen growth in agriculture to 4.5 percent, responsible for around 33.7 percent of PGDP.
Growth of 13 percent for the industry sector would account for about 32 percent of PGDP and 13 percent growth is targeted for services, which would be responsible for approximately 33.8 percent of PGDP.
Mr Yanyong said in the meantime, Xayaboury authorities would strive to collect revenue of over 350 billion kip, including around 203 billion kip from domestic revenue and 151 billion kip from central government revenue, and would conduct expenditure of over 446 billion kip.
Alongside that, authorities would have to source funds from international organisations and friendly countries and enhance the capacity of officials in departments and districts so they could carry out their work efficiently.
In addition, they must explain the customs and tax laws to business units to ensure they abide by the regulations and uphold their obligations to the government.
To reach the targets, authorities need a funding source of 2.621 trillion kip for all investment projects or equal to 36 percent of PGDP.
These included over 877 billion kip from the state budget, responsible for around 33.4 percent of PGDP, 870 billion kip from domestic and foreign investors, responsible for 33.2 percent of PGDP, and over 873 billion kip in bank loans, accounting for 33.3 percent of PGDP.
In 2014-2015, the province expects to receive grant aid and loans of around US$50 million for 30 investment projects, including US$27 million in loans for three projects, US$9.6 million in grant aid for 27 projects and over US$13 million in contribution funds from government.
The domestic and foreign private sectors have invested over US$110 million in 60 projects in the province, with 40 projects worth US$50 million for domestic investment and another 20 projects worth over US$60 million for foreign investment.
