Laos Aims To Transform Economy To Be More

VIENTIANE, (APP - UrduPoint / Pakistan Point News - 8th Jan, 2024) General Secretary of the Lao People's Revolutionary Party Central Committee and Lao President Thongloun Sisoulith has vowed to transform the economy by guiding it towards independence and Lao ownership, so as to make it more resilient.

Lao Economic Daily on Monday quoted Lao President Thongloun saying at a nationwide meeting of the finance sector 2023, "From now on, the Party Central Committee and the Politburo will quickly devise policies to transform our country, in particular the economic system, from the current overwhelmingly dependent situation to a system based on independence and Lao ownership of the economy.

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The move comes as the economy is heavily dependent on external factors, such as heavy reliance on imports for domestic consumption, which causes economic fragility and exposes the country to external shocks and disruption, according to the report.

At the meeting held in the Lao capital Vientiane on Dec. 19, 2023, President Thongloun laid down the concept of an independent and Lao-owned economy for economists, researchers, scholars and various institutions to consider, analyze and shape this economic model that better suits Laos' circumstances.