Laos introduces new trade portal amid strong growth

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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[caption id="attachment_3781" align="alignleft" width="300"] Laos is increasingly shaking off its laid-back image by renewing economic structures[/caption] 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”...

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.

 

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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