Laos introduces new trade portal amid strong growth

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Laos is increasingly shaking off its laid-back image by renewing economic structures

Laos launched a new online trading platform in late June, the Lao PDR Trade Portal, providing traders and government agencies an easily accessible source of all laws, regulations and procedures for the import and export of goods.

The introduction of the portal is another sign of the transformation Laos is making into an open and investor-friendly economy, one that comes accompanied by healthy GDP growth figures.

A recent report by the World Bank concluded that the economic outlook for Laos this year was “positive” and being driven mainly by the construction, manufacturing and services sectors.

The bank is forecasting solid growth this year at 8.3 per cent, though concerns over medium-term projections remain because of woes in the global market. Overall inflation in Laos has been curbed lately due to falling rice prices and a weaker rise in fuel prices.

In late June, Pamela Cox, the World Bank Vice President for East Asia and the Pacific, made her first trip to Laos to congratulate Prime Minister Thongsing Thammavong for reducing poverty and maintaining strong economic growth.

The communist country of 6.5 million is in a transitional phase from a centrally planned economy to a free market and in the midst of instating new institutions to promote this change.

The Lao construction sector is currently mired in a controversy surrounding a hydroelectric dam project proposed on the Mekong, a moot point that has embroiled Laos’ neighbours, while a mining moratorium for four years has been announced on any new investments in the sector.

 

 

 

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Reading Time: 1 minute

Laos is increasingly shaking off its laid-back image by renewing economic structures

Laos launched a new online trading platform in late June, the Lao PDR Trade Portal, providing traders and government agencies an easily accessible source of all laws, regulations and procedures for the import and export of goods.

Reading Time: 1 minute

Laos is increasingly shaking off its laid-back image by renewing economic structures

Laos launched a new online trading platform in late June, the Lao PDR Trade Portal, providing traders and government agencies an easily accessible source of all laws, regulations and procedures for the import and export of goods.

The introduction of the portal is another sign of the transformation Laos is making into an open and investor-friendly economy, one that comes accompanied by healthy GDP growth figures.

A recent report by the World Bank concluded that the economic outlook for Laos this year was “positive” and being driven mainly by the construction, manufacturing and services sectors.

The bank is forecasting solid growth this year at 8.3 per cent, though concerns over medium-term projections remain because of woes in the global market. Overall inflation in Laos has been curbed lately due to falling rice prices and a weaker rise in fuel prices.

In late June, Pamela Cox, the World Bank Vice President for East Asia and the Pacific, made her first trip to Laos to congratulate Prime Minister Thongsing Thammavong for reducing poverty and maintaining strong economic growth.

The communist country of 6.5 million is in a transitional phase from a centrally planned economy to a free market and in the midst of instating new institutions to promote this change.

The Lao construction sector is currently mired in a controversy surrounding a hydroelectric dam project proposed on the Mekong, a moot point that has embroiled Laos’ neighbours, while a mining moratorium for four years has been announced on any new investments in the sector.

 

 

 

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