Category: Business

The Lao PDR faced serious shortages and price fluctuations of medical supplies during the COVID-19 pandemic, as the country is heavily dependent on imports.
The critical need for supply and quality control of medical products in the market has appeared as one of the main challenges during the pandemic.
To better ensure resilience from COVID-19 and future pandemics, the Government of the Lao PDR (GoL) has the ambition to capture this opportunity to promote high-quality local production capacity of Personal Protective Equipment (PPE) and improve the quality control of the items available in the market.
To tackle the adverse impacts of the pandemic, the United Nations Development Programme in the Lao PDR (UNDP Lao PDR) has supported GoL to effectively respond to emerging needs during the COVID-19 pandemic.
In this context, UNDP in close cooperation with the Ministry of Health (MOH) initiated the project “CHINA-UNDP Triangular Cooperation Response to COVID-19 in Asia and the Pacific Region” to provide financial and technical support to enhance the domestic production of PPE and quality management system for PPE production, better market access and reduce dependency on imports, with support from the Ministry of Commerce, Government of China.
During the project inception workshop in July 2022 led by the Food and Drug Department (FDD), MoH, and UNDP in the Lao PDR, the stakeholders identified priority activities and agreed on the project work plan for the year 2022. The project also works with the Bureau of Food and Drug Inspection (BFDI), National Centre of Food and Drug Analysis (NCFDA) and State Enterprise for Pharmaceutical Factory No.3 (PDC3) under FDD.
The project will procure face mask and hand sanitizer production lines for PDC3, which is expected to be fully operational by mid-2023. This will include appropriate technical production support and facility construction.
On 24 November 2022, a groundbreaking ceremony at PDC3 was held to predefine and reserve premises for the hand sanitizer and mask production lines, officially witnessed by representatives of stakeholders MOH, Embassy of China and UNDP in the Lao PDR.
Speaking at the groundbreaking ceremony, Director General of FDD Dr. Bounxou Keohavong, remarked, “This project, under strong cooperation and solidarity from all stakeholders, will improve the quality of PPEs available in the country”.
Second Secretary, Economic and Commercial Office, Embassy of China in the Lao PDR, Mr. Han Ye has outlined the significant cooperation between the Lao PDR and China, including under this project implemented through UNDP and underlined the importance for MoH to enhance domestically produced PPE products available in the market, as well as improving technical capacity and policies of the regulatory authorities.
Mr. Abduvakkos Abdurahmanov, Head of Natural Resources Management, Climate Change and Disaster Risk Reduction Unit, UNDP in the Lao PDR has emphasized that this initiative would become a flagship facility of the country’s medical device production sector and will significantly expand the domestic supply availability and potential exports in the future.
The face mask and hand sanitizer production lines to be installed at the PDC3 will also take into consideration social and environmental standards through appropriate measures to ensure labour conditions are met and environmental impacts are minimized to maximize opportunities and benefits to the factory workers and surrounding communities and to minimize potential negative impacts.

Source: Lao News Agency

State budget deficit for 2021 has declined from 3.95 trillion kip (approx USD 228.1 m), 2.17% of GDP, to 602.4 billion kip (approx USD34.7 m), 0.33% of the country’s gross domestic product – GDP – of 184 trillion kip (10.6 billion), according to Finance Minister.
Budget spending reached 29.5 trillion kip (by March 31, 2022), equivalent to 93.4 % of the annual plan including 20.5 trillion kip by the central government and 8.9 trillion kip by provincial governments, Finance Minister Bounchome Oubonpaseuth told the ongoing 4th Ordinary Session of the National Assembly on Monday.
Revenue collection in 2021 reached 28.9 trillion kip, equivalent to 104.6 % of the annual plan, up by 26% (5.9 trillion kip) as compared to 2020 with revenues collection at central level reaching 22.76 trillion kip, or 103.3% of the plan set for 2021, and revenues collection at provincial level reaching 6.13 trillion kip, 109.4% of the annual plan.
Capital city Vientiane and nine provinces exceeded their revenue collection plans by 720 billion kip in total including 183 billion kip from Vientiane, 13.4 billion kip from Oudomxay, 43.8 billion kip from Luang Prabang, 13.09 billion kip from Huaphan, 222.3 billion kip from Xaysomboun, 2.4 billion kip from Borikhamxay, 82 billion kip from Khammuan, 31.9 billion kip from Savannakhet, 24.3 billion kip from Xekong and 104.4 billion kip from Attapeu.
Revenue collection in the first 11 months reached 28.45 trillion kip, equivalent to 90.06 % of the annual plan, up by 26% (5.8 trillion kip) year on year with domestic revenues reaching 26.6 trillion kip, or 92.03% of the annual plan, an annual rise of 29% (5.9 trillion kip).
The revenues included 23.8 trillion kip as taxes and duties, 2.7 trillion kip as non taxes and duties, and 1.79 trillion kip as international grants.
Revenue collection for 2022 is expected to reach 32.4 trillion kip, 102.7% of the annual target, or 16.88 % of GDP with domestic revenues expected to reach over 30 trillion kip, 103.6% of the annual plan.

Source: Lao News Agency

Leaders of the Asia-Pacific Economic Cooperation (APEC) economies met here on Friday to discuss ways to promote sustainable development and facilitate trade and investment, according to Xinhua’s report on 18 Nov.

Addressing the 29th APEC Economic Leaders’ Meeting, Thai Prime Minister Prayut Chan-o-cha said that the leaders would exchange views on supporting economic growth and sustainable development, leading the region towards a better future.

Making its Bio-Circular-Green (BCG) economy model high on the agenda, Thailand hopes the BCG economy model would further promote sustainable development and environmental protection goals, said Prayut, chairman of the meeting.

It is the first in-person meeting of the APEC economic leaders since 2018, which was held under the theme of “Open, Connect, Balance” — to open to all opportunities, to connect in all dimensions and to balance in all aspects.

APEC, established in 1989, is a premier regional economic forum with an aim to support sustainable economic growth and prosperity in the Asia-Pacific region.

The leaders met as the global economic recovery is facing multiple challenges of rising inflation, heightened geopolitical tensions, climate change and prolonged COVID-19 pandemic.

With nearly 40 percent of the world population, the 21 APEC member economies account for about half of global trade and over 60 percent of the world’s total gross domestic product.

Source: Lao News Agency

The Asia-Pacific Economic Cooperation (APEC) Forum Week opens in Bangkok, Thailand on Monday, according to TASS’ s report on Nov 14.
From14 through Nov 19there will be meetings of senior APEC officials, ministerial meetings, plenary sessions, exhibitions and a number of other events related to the forum. It will end with a meeting of APEC Economic Leaders’ meeting on November 18-19, which will be attended by representatives of 21 economies.
The opening ceremony of the series of events will be chaired by Thai Prime Minister Prayut Chan-o-cha. The authorities of the kingdom intend to present the biocircular green economy model developed and adopted as a national strategy for sustainable development in the post-COVID period. The initiative focuses on economic growth based on efficient use of resources, reduction of waste and reduction of carbon emissions. It combines socio-economic tasks that all countries are solving and the goals of environmental protection, combating climate change, the green transition and the development of renewable energy sources.

Source: Lao News Agency

The 5th China International Import Expo (CIIE) and the Hongqiao International Economic Forum were launched in Shanghai, China on Nov 4 in the presence of government officials, representatives of business communities, exhibitors and importers from 145 countries, regions, and international organisations.
Delivering a keynote speech, Chinese President Xi Jinping noted that CIIE has become a showcase of China’s new development paradigm, a platform for high-standard opening-up, and a public good for the whole world.
He urged the world community to commit to openness to meet development challenges, foster synergy for cooperation, build the momentum of innovation, and deliver benefits to all.
“We should steadily advance economic globalization, enhance every country’s dynamism of growth, and provide all nations with greater and fairer access to the fruits of development,” said President Xi.
“As the 20th National Congress of the Communist Party of China has underscored, China remains committed to the fundamental national policy of opening up to the outside world, pursues a mutually beneficial strategy of opening-up, and adheres to the right course of economic globalization. We will amplify the interplay between domestic and international markets and resources, strive to create new opportunities for the world with our own development, and contribute our share to building an open global economy,” said the Chinese president.
He also pledged to establish pilot zones for Silk Road e-commerce cooperation and build national demonstration zones for innovative development of trade in services, so as to encourage innovation in trade and promote high-quality Belt and Road cooperation.
Sharing remarks at the event, Sri Lankan President Ranil Wickremesinghe stated that CIIE has allowed many countries and businesses to enjoy benefits of the glowing consumption appetite of the Chinese people and Sri Lanka itself has been participating in CIIE since its inception with Sri Lankan businesses benefiting greatly through this participation.
Scheduled for Nov 4-10, the 5th CIIE is exhibiting a wide range of products and services including food and agricultural products, automobiles, heavy-duty machinery, healthcare equipment and medical products, and consumer goods.

Source: Lao News Agency