Luang Prabang eyes increase in exports
Luang Prabang eyes increase in exports
Luang Prabang's provincial industry and commerce sector this fiscal year plans to increase exports by about 15 percent or 687.97 billion kip on the back of growth in product processing.
About 42 percent of the total value of goods sold outside the province is from exports, while 58 percent is sold domestically, according to the provincial Industry and Commerce Department's annual report.
Last fiscal year 2014-2015, the value of exports reached 598 billion kip which represented 122.65 percent of the plan, and an increase of 80.24 percent compared to fiscal year 2013-2014.
About 83.37 percent of the goods exported went to China and 4.88 percent to Thailand.
Most of the products exported were wood products from industrial tree plantations, along with Job's tear, sweetcorn, rubber, fruit, handicrafts and non-timber forest products.
To reach their target, the department will focus on SME development, especially technology improvements to increase efficiency for exports, as well as providing better facilities for freight movement.
The province will also focus on commercial promotion, marketing and regulatory awareness-raising for businesses as well as backing border trading, in order to link with regional and international markets.
The department will take more responsibility in preventing illegal trading and work at assisting employee skill development.
As the sector continues to expand, the department plans to increase cooperation with development partners to encourage more investors and seek new markets.
Trading cooperation between Laos and other countries continues to increase, especially between Laos and China which reached almost US$22 million last year and more than US$2 million between Laos and Vietnam.
However, imports also increased by about 300 percent to supply the growing number of construction projects.
Most imported products are construction and electronic equipment as well as food and beverages and household equipment.
