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Laos: NA session opens as measures to drive economic growth announced

A review of the implementation of the National Socio-Economic Development Plan for 2017, discussions on plans for the coming year and introduction of draft laws up for debate were on the agenda as the National Assembly (NA) kicked off its fourth ordinary session yesterday in the capital. 
President Bounnhang Vorachit, Prime Minister Thongloun Sisoulith and members of the government cabinet were in attendance for the opening session.
In her opening remarks, NA President Ms Pany Yathotou called for a collective effort from all sectors to strive for greater achievements in national socio-economic development in the years to come amidst various challenges.
Although achievements have been made in 2017, the Lao economy was still facing difficulties and challenges that needed to be resolved, she said.

“Some macro social, economic and financial targets are at risk of not achieving the set targets,” Ms Pany told the session that will run until November 17.
“Agriculture and industry production, as well as the disbursement of public debt, are facing difficulties.” 
State investment, in some cases, has violated relevant laws, financial and planning discipline, she said.
Meanwhile, hard work was needed to resolve social ills and related issues and better manage natural resources and the environment.  
Prime Minister Mr Thongloun told the session, which was broadcasted live, that the government would strive to attain a 2018 economic growth target set at 7 percent, despite challenges foreseen and otherwise.
To overcome challenges and pursue 2018 targets, the government would undertake seven fundamental efforts, he said.
The government will strive to continue maintaining political stability and social order conducive for socio-economic development while continuing efforts to address social ills and other problems and issues of public concern.
It will also intensify action to translate economic-drivers and directives and measures into detailed work plans with follow-up plans to review progress. In this regard, the government will continue to manage the macro economy in line with the resolutions of the NA. 
“In 2018, the government will strengthen the enforcement of the planning and financial disciplines to prevent our country’s economy from falling into complication and crisis,” he told the session.
The government will continue reforming financial affairs by improving the organisational structure and financial legislation, staff reshuffles, and modernising tax and tariff collection systems to ensure transparency in an attempt to close loopholes and stem revenue leakage.
The government will continue to enforce the existing revenue and expenditure measures resolved by the NA, along with strictly regulating and centralising management of local, traditional and international border checkpoints.
It will prioritise expenditure for 2018 with appropriate investment in education, health and scientific research areas.   
Policymakers will also continue to actively promote domestic and foreign private investment by speeding up the implementation of the amended Investment Promotion Law.  
In this regard, the government will utilise the newly-established central and provincial investment promotion committees to consider and approve investment proposals in an effective and transparent manner. The government will entrust the relevant sectors to resolve and remove barriers for investment and enterprise to improve Laos’ ease-of-doing business ranking from the current position of 139th overall worldwide.
It will also increase efforts to promote small and medium enterprises (SME). 
“In 2018, the government will improve and mobilise more funds to strengthen the existing SME Promotion Fund to drive the development of SME effectively,” Mr Thongloun said.
To support the effort, the government will assign  relevant sectors to formulate policy to promote and form their technical teams to provide technical assistance services to businesses. 
The government will continue to improve state-run enterprises to ensure they operate effectively and raise profits.
“The government will no longer subsidise state enterprises,” PM Thongloun told the legislature.
He said the government would continue to implement frugality measures strictly. 
It would also increase land management and development efforts to address land-related issues, he said.
The government will actively promote and advertise Visit Lao Year 2018 to drive economic growth.
Also, the government will take action to prevent and suppress corruption, which poses a threat to state leadership and administration.
The government will raise awareness for state organisations and civil servants on laws, regulations, responsibilities and the spirit of providing services to the people.
PM Thongloun told the session the macro economy for 2017 was stable, despite gross domestic product (GDP) growth at just 6.83 percent, which failed to meet the target set at 7 percent.
Yesterday’s opening day also heard reports on the implementation of the budget and current plans for 2017 and draft plans for 2018 set to be debated in the coming days.
During the 20-working-day session, law makers will debate nine newly drafted laws and amend seven existing laws.    
The Office of the Supreme People’s Prosecutor and People’s Supreme Court will report on their recent work and plans for next year, while the Ministry of Justice will report on court verdicts in the past year. The Lao Front for National Construction will represent mass organisations in delivering comments on the Assembly’s performance over the past year and its plans for the upcoming year.

Source: http://www.vientianetimes.org.la/FreeContent/FreeConten_NA.html