Management of production costs a priority for industry: DPM
Management of production costs a priority for industry: DPM
Deputy Prime Minister Somsavat Lengsavad has called for the Ministry of Industry and Commerce to strictly manage production costs to spur competition and maximise benefits for companies.
This was his main message when he chaired the annual meeting to review the ministry's work during fiscal year 2013-14 in Vientiane yesterday.
“Laos is moving closer to joining the Asean Economic Community (AEC) at the end of this year, so the industry and commerce sector must specifically focus on the management of production costs,” he said.
He went on to say that local entrepreneurs will be provided with information about how they should interact with other businesses as part of preparations for the AEC.
“If we are not well prepared, we won't be able to compete with foreign businesses, so knowledge about AEC integration and production costs are particularly important,” Mr Somsavat said
In his address at the conclusion of the meeting, Mr Somsavat asked industry representatives to carefully define what they actually have to do to prepare for the Asean Economic Community at the end of this year.
He stressed that preparations for AEC integration will be different to other situations because it will involve improvements to various regulations, laws and principles.
The meeting provided a platform for industry leaders to highlight their recent achievements and contribute ideas to a draft vision for the sector until 2030, a strategy plan for 2025, and the 8th five-year development plan for industry and commerce.
Deputy Minister of Industry and Commerce, Mr Siewsavat Savengseuksa, highlighted some successes of the industry and commerce sector in recent years.
He said industry had contributed 4.4 percent to the GDP growth rate, which had averaged 8 percent in total over the past four years.
“We are gearing up to grow by 15 percent a year in terms of the processing industry, and trade and services. Growth in the export of processed industrial products should also reach 15 percent a year,” Mr Siewsavat said.
He also revealed that the contribution of imports and exports to GDP would rise from 56 percent in 2011-14 to about 70-80 percent by 2020.
Minister of Industry and Commerce, Ms Khemmani Pholsena, director generals, deputy director generals and representatives of provincial industry and commerce sectors took part in the meeting.
At the close, Ms Khemmani praised representatives of the industry and commerce sector for their useful opinions and urged them to follow the advice of the deputy prime minister to the fullest extent possible.
