Vientiane: Laos' Ministry of Industry and Commerce convened a meeting to advance a production promotion fund, aiming to strengthen local production, support economic stability, and transform local goods into competitive commodities that meet both domestic and export demands. The meeting was held on Thursday in the capital Vientiane and was attended by Deputy Prime Minister Saleumxay Kommasith and Minister of Industry and Commerce Malaythong Kommasith.

According to Namibia Press Agency, speaking at the meeting, Saleumxay highlighted that 3,357 micro, small, and medium-sized enterprises have received financial support, marking a significant achievement. However, he noted that the figure remained insufficient to meet the overall demand for production funding, indicating a need for further support to address the financial gaps faced by local producers.

Saleumxay also addressed the challenges many producers face in accessing commercial bank loans due to factors such as a lack of collateral, high interest rates unsuitable for agricultural activities, and existing debts. These issues hinder their ability to secure the necessary capital for production activities.

To tackle these challenges, the government has designated the Ministry of Industry and Commerce as the central coordinator. The ministry is tasked with working alongside relevant sectors to effectively manage and utilize the fund, with the ultimate goal of boosting local production and meeting future demand.