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Laos continues to cut raw material exports to boost domestic production

Laos has taken measures to reduce the export of various types of raw materials to ensure supply for domestic production.

Minister of Industry and Commerce Khampheng Xaysompheng told the 2nd Ordinary Session of the 9th National Assembly last week that the industry and commerce sector has taken a number of measures to limit and reduce the export of raw materials and channel them to domestic producers in the processing industry so that their products are valued added, competitive in the regional and international markets.

He said that the measures also aim to make local producers as a stable, diverse and spearhead sector in line with the trend of clean, strong, green, sustainable and energy efficient industry.

To ensure the growth, strength and competitiveness of the processing industry, the government has devised several policies to promote value addition of domestic products and domestic processing industry, according to the minister.

These include policies and mechanisms on the production, import and export of processing industrial products, the promotion of potential businesses through facilitating customs clearance, market and funding access, and the regulation of the import of industrial products.

The government’s latest report on the implementation of the National Socio-economic Development Plan suggests that the exports of the past nine months reached US$5.61 billion as the imports were estimated US$4.45 billion, leaving a trade surplus of US$1.16 billion.

Source: Lao News Agency