VIENTIANE, Oct. 18 (Xinhua) -- The authorities in Lao capital Vientiane have urged the private sector to cooperate in implementing urgent measures to address economic and financial difficulties linked to inflation, rising exchange rates and foreign debt.
Representatives from the Lao government and business sector in the capital city met at the Vientiane Saysettha Development Zone on Tuesday to discuss and share ideas about finding solutions to the economic and financial difficulties, Lao national TV reported on Wednesday.
Laos, especially the capital city, is grappling with inflation, rising exchange rates, high prices of goods and the weak kip, said Vientiane Mayor Atsaphangthong Siphandone, who chaired the meeting.
There should be strong cooperation between the government and the private sector on measures and mechanisms to tackle these issues, including the promotion of domestic products for sales and exports and the reduction of imports from neighboring countries, he said.
According to the Vientiane Institute for Social and Economic Sciences, inflation and socio-economic difficulties can be tackled by changing the psychology of people, charging a premium for foreign products, increasing the use of domestic products and services, and promoting tourism to attract more visitors to Vientiane.
The authorities should promote the production of domestic goods to meet daily needs, increase agricultural production, and reduce the cost of domestic production. Meanwhile, the government should stimulate a policy to reduce the cost of electricity for households, irrigation and agriculture, it said.
There should be a strict financial policy to reduce the deficit and for importing only what is necessary, it added. ■
