Luang Namtha eyes over 600 billion kip in exports
Luang Namtha eyes over 600 billion kip in exports
Luang Namtha province has set a target of over US$77 million (about 616.7 billion kip) in exports for the 2014-15 fiscal year.
To progress its efforts, the province is now gearing up inspections of industrial processing factories and the handicrafts production base.
At the same time, authorities will also step up regulatory efforts at various processing factories to ensure they produce high quality products.
By doing so, the industry and commer ce sector will be able to issue certificates of qualified products and certificates of origin (CO).
CO is an important international trade document attesting that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country.
According to the Industry and Commerce Department, this year's export figure would also include the processing industry's production of 138.14 billion kip.
Meanwhile the value of handicrafts products for export will be more than 16.9 billion kip.
Total imports to the province should reach US$257.8 million with the industry and commerce sector accounting for around US$9.15 million.
Most importantly, the value of exports leaving its borders is set to reach over US$77.09 million (over 616.7 billion kip) for the current fiscal year.
Luang Namtha province is well-known for agricultural products, wood processing, handicrafts production, copper mining and has shown potential for others products.
Last year, the Provincial Gross Domestic Products (PGDP) per capita stood at US$1,454, which represents an annual growth rate of 8.70 percent.
Most farmers are engaged in rice farming, commercial crop planting, cassa va and vegetables.
Initially, China and Thailand have been the main markets because the private investors from those count ries encouraged local people to produce crops for ex port to the two nations.
Exports from the agricultural sector include bananas, maize, rice, watermelons as well as forestry products.
Once the Boten Special Economic Zone comes into effect, which is now under consideration by the government, Luang Namtha province will play a more significant role in economic development.
It is hoped the province will be an investment destination when local and foreign investors pour into the zone.
As a result, the trade, investment and industry sectors will be boosted, providing more job employment to local residents of the province.
The Lao government is also continuing to promote the processing of products for export as the country continues its integration with the rest of the region and globally.
