Thailand
Lao border province’s economy grows by 8%
LAOS’ Champasak province’s economy saw growth of 8.15 per cent last year, 0.02 per cent more than the 8.13 per cent figure endorsed by the National Assembly.
Gross Domestic Product (GDP) hit 19.142 trillion kip ($2.248 billion) or 115.63 per cent of the 2018 target of 16.554 trillion kip, while average annual per capita income was $3,153 – an increase of $294, Champasak provincial governor Bounthong Divixay told a meeting of the provincial People’s Council.
“Agriculture accounted for 22.90 per cent of the economy, industry 22.94 per cent, and services 54.16 per cent,” he said.
“The province amassed total revenue of 1.359 trillion kip or 91.12 per cent of the target of 1.499 trillion kip. This was an increase of 9.05 per cent compared to 2017,” Bounthong added.
Exports reached $267.98 million, exceeding the target by 6.3 per cent, but the province experienced a trade deficit of about $7.39 million.
The revenue earned provided 7.817 trillion kip for socio-economic development.
This year Champasak, which borders Cambodia’s Preah Vihear and Stung Treng provinces, will strive to expand its economy by 8.16 per cent and collect revenue amounting to 1.431 trillion kip, Bounthong said.
To reach the target, the province will rein in the budget and trade deficits by aiming to earn revenue from as many sources as possible. There will be a move to an electronic system and modern accounting to streamline the process.
This is being done to improve revenue collection, make tax payments easier, plug leaks and make the province an attractive investment destination.
“To help farmers achieve targets for dry and wet season rice yields, steps will be taken to fix irrigation systems,” he added.
Measures will also be taken to improve the quality of agricultural products and increase production for food security, trading and exports as well as slash imports. These measures will be carefully considered to improve the output of domestic producers, Bounthong said.
The efficiency of the single window management mechanism for investment approval will be improved and business operations speeded up. Transparency will be ensured in the approval of domestic and foreign investment projects at the provincial and central levels.
The province will also do more to pay the debts owed to businesses that paid for and carried out government-funded development projects.
In addition, Prime Minister’s Order No 15 on the protection of forests and natural resources for sustainable development should be complied with, Bounthong said. VIENTIANE TIMES/ANN
Source: https://www.phnompenhpost.com/business/lao-border-provinces-economy-grows-8