KPL
In a significant step towards boosting economic development, 21 business entities have collectively contributed 55 billion kip to establish the Product Development Fund for the Lao PDR. The handover ceremony took place on January 6, 2025, at the National Convention Hall in Vientiane.
(KPL) In a significant step towards boosting economic development, 21 business entities have collectively contributed 55 billion kip to establish the Product Development Fund for the Lao PDR. The handover ceremony took place on January 6, 2025, at the National Convention Hall in Vientiane.
Prime Minister Sonexay Siphandone presided over the event, which saw attendance from several key government figures, including Minister and Head of the Prime Minister’s Office, Mr. Bouakhong Nammavong, Minister of Home Affairs, Dr. Vilayvong Bouddakham, Minister of Finance, Mr. Santiphab Phomvihane, and Minister of Industry and Commerce, Mr. Malaythong Kommasith. Representatives from the contributing businesses also participated.
Among the contributors, ST Bank made the largest donation of 6 billion kip. Several leading companies, including PT Sole, Phongsapthavy Co., the Lao Development Bank (LDB), Joint Development Bank (JDB), Petroliam Trading Lao Public Company, Lao Green Developments Co., AIF and AIDC, and CK Group, each donated 5 billion kip.
Other notable contributors included Sisaket Construction Sole Co., Sokxay Co., Latsavong Development Co., Saisomboun Wealth Development Co., Khounkham Co., and Bouathip Co., which each donated 1 billion kip. Companies such as Douangchalern Group, Nixan Mining Development Co., Phouxy Construction Group, Panthamit Co., HKS Co., and 3S Co. contributed amounts ranging from 100 million kip to 500 million kip.
Prime Minister Sonexay Siphandone expressed profound gratitude to the business community for their commitment and patriotic spirit, emphasizing their crucial role in national development. He highlighted the importance of the Product Development Fund in supporting local enterprises, enhancing the quality and competitiveness of Lao-branded goods, and fostering economic resilience.
“These contributions are a testament to our shared vision of building a prosperous and self-reliant Laos. This fund will serve as a cornerstone for empowering local businesses and expanding our export potential,” the Prime Minister stated.
The fund will be managed by the Ministry of Industry and Commerce, in collaboration with the Prime Minister’s Office, the Ministry of Finance, and the Bank of the Lao PDR. These entities will work together to develop comprehensive regulations and guidelines, incorporating input from stakeholders to ensure transparency and efficiency in fund utilization.
The government’s strategy emphasizes 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.
KPL
