VIENTIANE, Jul 1 (NNN-KPL) – The Lao government will further coordinate with related sectors, to effectively tackle rising inflation and foreign exchange rates, in order to reduce their impact on the prices of goods.
Laos’ Ministry of Industry and Commerce, will promote scientific and focused cooperation between research institutions, to find solutions to chronic and complex economic problems, Lao national TV, yesterday, quoted Lao Minister of Industry and Commerce, Malaythong Kommasith, as saying.
Speaking at the ongoing seventh ordinary session of the National Assembly’s ninth legislature, which opened on Jun 10, Malaythong said, the ministry will improve its work plan and increase the efficiency of various committees appointed by the government, such as, the commodity price control committee, the import and export management committee, the committee to promote production to replace imports, among others.
The ministry will focus on research to improve policies related to finance, currency, electricity, labour, energy, transportation and regulations.
The ministry will also focus on research, to improve policies to promote the development of the processing industry, promote investments in industrial farms, remove barriers and increase capital for trade, investment and business operations, and promote investments in the production sector.
The ministry will continue to monitor product price fluctuations, and check the implementation of price control measures.
Laos recorded an inflation rate of 26.2 percent in Jun, a slight increase from 25.8 percent in May.
The continuing depreciation of the local currency and heavy reliance on imports for domestic consumption are among the main factors driving inflation, according to the latest report from the Lao Statistics Bureau.– NNN-KPL
