VIENTIANE: The Lao business sector has contributed 55 billion Lao kip (some US$2.5 million) to support the government's efforts to improve the quantity and quality of Lao goods, enabling them to compete in international markets, by establishing the Product Development Fund for Laos.
The funds aim to strengthen enterprises, promote sustainable growth and enhance the competitiveness of Lao brands, the local Pasaxon newspaper reported on Wednesday (Jan 8).
The contributions support the government's resolution to build an independent economy and self-reliance while ensuring funds are used effectively for the greatest benefit.
The Lao government's strategy emphasises fostering economic self-reliance and resilience in the new era, with a focus on creating a robust foundation for sustainable development.
By channeling the contributions into strategic initiatives, the Product Development Fund aims to stimulate innovation, enhance production capabilities, and strengthen the overall economy.
The establishment of the Product Development Fund marks a significant step forward for Laos, reflecting the collective determination of the government and private sector to achieve economic prosperity.
This collaboration is expected to pave the way for transformative growth, benefiting businesses and communities across the nation. - Xinhua
