Roundup: Lao parliamentarians talk to accelerate economic grow amid lower expectation

Lao government has asked the National Assembly (NA) to lower economic growth target over the next four years after encountering difficulties that resulted in failure to meet the target set for last fiscal year.

In his 10-page report on the implementation of the national socio-economic development plan, the state budget plan and monetary plan presented at the NA meeting on Monday, Lao Prime Minister Thongloun Sisoulith proposed to adjust down average economic growth target over the next four years to 7.2 percent from the level of at least 7.5 percent set previously in the National Socio-Economic Development Plan for 2016-2020.

The proposal for adjustment are under discussion by Lao parliamentarians. Commenting on the proposal, Buavan Thammavong, NA member for Vientiane province, showed her supports for the government.

"I agree with the changes made to the plan for the next years and I am sure the targets can be reached," she said.

The NA member said there are a lot of things need to be done to ensure that the plan meets with success.

"To start with, we need better roads, education and healthcare, and we must reduce poverty levels as these are all important factors for socio-economic development," she said.

Buavan underlined better infrastructure and a skilled workforce as she described those "the most important aspects of development".

"To build a qualified workforce we must improve the standard of education especially at the secondary and lower school levels. We should also focus on the development of individual villages, as they are at the root of the development process," she said.

Sharing her view, Bounpheng Saynorady, another NA member, also keeps his eyes on the development of infrastructure. "To build a stronger economy, we should build good quality roads that last a long time," he told local media on Wednesday.

Agricultural development also weighs on his mind.

"We should teach people new farming methods so they can get better yields and can raise more animals and earn a bigger income. When they do have good yields and a lot of animals we should help them to find markets," he proposed.

Bounpheng's view was echoed by NA member for Champassak province Khamsing Phengvoravong.

"I think we should focus on agriculture and we should try to grow more crops for sale. Champassak has more than 100,000 hectares of rice fields and we can grow the crop in the dry and wet seasons. We also have the biggest coffee and tea plantations in the country and are trying to grow more organic vegetables," he said.

Talking about his province, Khamsing said Champassak has a lot of wonderful scenery and a lot of tourists want to come.

"But it's not enough to wait for the government to give us money to build infrastructure as that will take too long," he stressed the importance of private investment, saying that "We need local people, including investors and business operators, to help in improving infrastructure and boosting the economy."

During last fiscal year of 2015-2016, which ended in September, the country saw an economic growth of 6.9 percent year on year, according to government report.

Under the government proposal, Lao economic growth targets have been revised to 7 percent for 2017 and 2018, with a slight increase to 7.3 percent in 2019, rising further to 7.5 percent in 2020.

The NA session opened on Monday and is scheduled to end on Nov. 18. Endit