Laos seeks to leverage EIF assistance
Laos seeks to leverage EIF assistance
Laos is one of the least developed countries (LDC) that has seen increasing economic expansion in recent times thanks to both domestic and foreign investment.
In previous years, the country received considerable assistance funding from the Enhanced Integrated Framework (EIF) as a socio-economic development contribution.
The EIF is being promoted by the World Trade Organisation (WTO) and Organisation for Economic Co-operation and Development (OECD) as the preferred way to provide official development assistance to LDC's as part of the global Aid for Trade Initiative
The EIF Secretariat and the Ministry of Industry and Commerce organised a workshop on how Laos is leveraging the EIF to develop and implement the National Trade and Private Sector Development Roadmap.
It was attended by the EIF Board members along with representatives from the relevant public sector organisations, the domestic private sector and key development partners.
The workshop is being organised in conjunction with the EIF Board Meeting, for which the primary objective is to draw lessons from the process of developing the trade and private sector development roadmap in Laos.
It will also examine how the roadmap is used to mobilise resources from development partners to support the implementation, Deputy Minister of Industry and Commerce, Mr Somchith Inthamith said at the opening of the workshop.
Laos has enjoyed real annual GDP growth averaging over seven percent through the two decades to 2014, enabling the country to halve poverty and multiply per capita income, he said.
Whereas 46 percent of the population fell below the national poverty line in the years 1992-1993, the poverty headcount ratio dropped markedly to around 20 percent in 2013.
It is projected that economic growth will continue within the 7-8 percent range through the next decade, said Mr Somchith.
The significant gains made in economic growth and the social sectors over the recent years have paved the way for continual improvements in human development in the country.
Trade related technical assistance has the potential to achieve significant and broad based results in terms of improved living standards and poverty reduction in least developed countries including Laos, he said.
“Through the workshop we will be able to highlight not only our past success but more importantly identify key lessons learned for further improving the development impact of our trade and private sector development programme,” Mr Somchith said.
He said he hoped that the workshop will allow frank discussions and exchanges of views on how the nation can further improve the development impact of the trade and private development programme.
