VIENTIANE, Feb. 1 (Xinhua) -- The Lao government has unveiled a new national development vision which it plans to achieve from 2021 to 2025.
According to government guidelines on the implementation of the 2019 national socio-economic development plan, which were distributed at a recent meeting of finance and planning officials held in capital Vientiane in the middle of January, the Lao government has already drawn up the new national development vision, local daily Vientiane Times reported on Friday.
The plan entails the transformation of the economy from the current dependence on natural resources to a knowledge-based economy. In addition, economic growth must be environmentally friendly and sustainable.
In recent decades, the economy has undergone rapid growth of more than 6 percent annually. However, current growth is mainly based on the exploitation of natural resources, which Lao policy makers and development partners view as being unsustainable, said the report.
According to the local report, the Lao government is well aware of the current economic situation and the need to restructure economic bases to ensure that growth is sustainable.
As part of efforts to ensure economic sustainability, the Lao government has begun to improve the business climate, believing that this strategic move will encourage business operators to invest, operate and expand their businesses. This means that the private sector and state-run businesses will be the main driver of growth over upcoming decades.
