(KPL) Prime Minister Sonexay Siphandone has urged the Planning and Investment sector to prioritize building an independent and self-reliant economy as part of the socio-economic development and state budget plans for 2025.

In a keynote address at the annual Planning and Investment sector meeting in Vientiane on Dec 27, Prime Minister Sonexay emphasized the importance of translating the national development plan into concrete workplans and projects.

He highlighted key focus areas, including expanding production bases and advancing export-oriented policies to reduce imports.

“This approach aims to increase foreign exchange reserves and decrease reliance on external assistance,” Prime Minister Sonexay stated.

In his directive, Prime Minister Sonexay highlighted the importance of reforming state investments, particularly prioritizing essential and high-impact projects that yield tangible economic benefits. This includes reassessing ongoing projects that show limited progress or inefficiency and recommending temporary or permanent suspension if necessary.

The Prime Minister underscored the importance of enhancing the management and promotion of special economic zones (SEZs) to serve as key drivers of development.

He urged greater accountability in managing SEZs, adhering strictly to contracts, regulations, and laws to ensure streamlined services. State services within these zones must adopt a single-window system to enhance efficiency and attract investors.

Furthermore, Prime Minister Sonexay stressed the urgency of accelerating state-owned enterprise (SOE) reforms to achieve visible results. This involves researching and implementing mechanisms, principles, and measures to strengthen SOEs in the medium and long term, alongside strategic reforms for loss-making enterprises.

KPL