The Ministry of Industry and Commerce is currently getting set to elect a new Party leadership
The Ministry of Industry and Commerce is currently getting set to elect a new Party leadership and also approve its five year socio-economic development plan to guide the ministry’s work over the coming years.
The election will take place at the ministry’s 4th Party Congress, which is being chaired by Party Secretary and Minister of Industry and Commerce Madame Khemmani Pholsena.
Politburo member of the Lao People’s Revolutionary Party (LPRP) Somsavat Lengsavad and other Party members were also among those attending the congress, which opened on Thursday the 9th of July and shall conclude on Friday the 10th of July.
Madame Khemmani spoke to open the congress, noting that “We are seeking to find our strengths and weak points as well as researching the theories and behaviour of the past in order to adopt the direction and duty of leading our Party members to make great achievements over the n ext five years.”
According to a draft of the political report for the ministry’s 4th Party Congress, the industry and commerce sector is continuously expanding in areas such as the processing industry, as well as wholesale and retail trade, which increased by between 7.2 and 9 percent per annum respectively, representing 10 and 19 percent of national GDP in the 2014-15 financial year.
Trade with foreign countries has increased by an average of 11 percent per annum while imports have increased 19 percent and exports by 12 percent.
Through these achievements, the ministry could evaluate its work in industry and handicrafts. The total number of processing factories in Laos reached 39,872, which employ some160,000 labourers, according to the ministry. This represented an increase of 3,924 factories and new employment for 43,174 workers when compared to the year of 2010.
The politic al report also displayed that the total number of retail and wholesale markets nationwide had reached 753 markets in 2014.
In regards to foreign affairs and economic integration, Laos became a member of the World Trade Organisation in February 2013, giving it access to new markets around the world, as well as trade rights and intellectual property protection.
So far the country has also been able to achieve 90 percent of its obligations for integration as part of the Asean Economic Community at the end of this year.
Source: Lao National Television News in English (LNTV)
Broadcast on July 10, 2015