Lao national productivity festival opens to boost economy, local products
The Lao National Productivity Festival has opened, taking place at Vientiane Center mall from November 21-23, with new Lao products being promoted there as a contribution to solving economic challenges.
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Deputy Minister of Industry and Commerce Dr Manothong Vongsay (centre) opens the Lao National Productivity Festival at Vientiane Center mall on Thursday. |
This festival, held by the Micro, Small and Medium Enterprise Promotion Agency of the Ministry of Industry and Commerce, was chaired by Deputy Minister of Industry and Commerce Dr Manothong Vongsay, with government officials and others joining the opening.
The festival aims to explore the success and role of the Asian Productivity Organisation (APO) while raising the value of inclusive productivity in contributing to socio-economic development.
Daily activities during the festival include discussions on productivity, product presentations by entrepreneurs, and booths showcasing quality goods made in Laos.
During his remarks, Dr Manothang highlighted the importance of sustained high productivity in socio-economic development.
The deputy minister added that enhanced productivity could increase production volume and lower production costs, allowing consumers to have good quality products and services at lower prices and suppliers to make higher profits, making Lao businesses grow stronger.
According to the deputy minister, the government is placing economic affairs at the centre of its efforts to grow Laos in a green and sustainable manner while moving the transformation of the economy in the direction of industrialisation and modernisation.
As raised during the festival, this industrialisation and modernisation strategy also hopes to boost production efficiency and effectiveness in the Lao national economic structure.
Established in 1961, APO is an intergovernmental organisation that was established to increase productivity in the Asia-Pacific region through cooperation with 21 member economies, including Laos.
Laos became a member of APO in 2002, with the government assigning the Micro, Small and Medium Enterprise Promotion Agency, under the Ministry of Industry and Commerce, as the Lao National Productivity Organisation.
APO’s role is to elevate productivity in public and business sectors throughout the region by promoting the use of scientific methods and tools to increase productivity, improve administrative and production processes, reduce capital costs and increase competitiveness.
By Times Reporters
(Latest Update November 25, 2024)
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