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World Bank Teach Lao Officials on Growth Strategy
Source: kplnet.net
Source Date: Thursday, August 26, 2010
Focus: ICT for MDGs, Citizen Engagement
Country: Lao People's Democratic Republic
Created: Sep 06, 2010

(KPL ) The Ministry of Finance in association with the World Bank in Laos organised a seminar themed Growth Strategy for Laos: Natural Resource Management and Potentials of Non-resource.

Held on 25 August in Vientiane, the event had a lecture by the WB Chief Economist and Senior Vice President Justin Yifu Lin.

Laos is abundant of natural resources which constitute potential of the country for its socio-economic development and poverty reduction. So it is necessary for us to have a proper plan on how to exploit natural resources efficiently, said Deputy Minister of Finance Mme. Viengthong Siphandone.

What is challenging is that the economic development isn’t aligned with natural resources development to ensure the sustainable development of economy, said Mrs. Viengthong.

She said that it was needed to devise a policy on transforming the country into industrialised economy and to modernise agricultural production.

The 7th five-year socio-economic development plan is reportedly devised in line with the government’s strategy of development which will end in 2020. The plan is aimed at maintaining the stability of economic growth and annual economic growth rate at 8 per cent by creating incentives for the investment of both domestic and foreign companies and promoting the production of small and medium enterprises (SMEs) to ensure domestic consumption and export.

She said that it was necessary to have effective management of natural resources and sustainable protection of environment.

In the finance area, the government will make the management of public finance to be more effective to make sure that the government has enough money for materialising its seventh five-year socio-economic development plan.

The World Bank is willing to be partner of Laos to achieve its development goals. The secret is to follow a country’s comparative advantages in industrial upgrading and diversification in each stage of its economic development, said Mr. Justin Yifu Lin.
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