Laos to receive funding for economic development
Laos to receive funding for economic development
Laos will receive a share of US$8 million (more than 65 billion kip) to be provided by China to the Cambodia, Laos, Myanmar and Vietnam (CLMV) grouping, to boost the bloc's economic performance.
Minister of Industry and Commerce Ms Khemmani Pholsena made the announcement yesterday at a press conference on the outcome of the 47th Meeting of Asean Economic Ministers (AEM) that took place in Malaysia from August 22-25.
“The Chinese government has announced that it will grant CLMV a total of 50 million yuan (more than US$8 million), to enable us to carry out capacity building programmes for trade officials,” she said.
She said Asean Economic Community integration was coming closer and human resource development was of critical importance for the success of the Asean community.
Ms Khemmani also highlighted other outcomes of the 47th Meeting of Asean Economic Ministers.
The meeting reviewed the progress made in pursuing the AEC Blueprint 2015, which was adopted in 2007 to boost economic performance.
Overall, Asean has implemented 91.5 percent of the Blueprint and Laos has achieved 93.1 percent.
At the AEM meeting, the Asean ministers noted that the region's collective GDP passed the US$2.57 trillion mark in 2014, with a near doubling of average per capita GDP between 2007 and 2014 to reach US$4,130 in 2014.
Exports in the Asean region rose by more than 50 percent since 2007 to US$1.3 trillion in 2014, while growth in regional investment was recorded at US$136.2 billion in 2014, up by 160 percent from 2007.
