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Borikhamxay pledges 5 percent economic growth over next five years

Leaders in Borikhamxay province have promised to achieve average annual economic growth of at least 5 percent over the next five years, with income per capita targeted at US$2,800.
The goals were set out by the new provincial Party committee led by the province’s Governor, Dr Kongkeo Xaysongkham, who was re-elected as committee Secretary.
Member of the Lao People’s Revolutionary Party Secretariat, Mr Bouinthong Chitmany, represented the Politburo in attending the province’s sixth Party committee meeting, which continued on September 24-25. It was attended by 237 Party members, who represented more than 13,000 Party members in the province.
According to a political report delivered at the meeting, despite natural disasters in 2017-2019, Borikhamxay’s economy has grown steadily by 6.5 percent annually over the past five years, with GDP reaching 5.8 trillion kip and income per capita rising to 18 million kip (about US$2,000).
Agriculture contributed 26 percent to GDP while industry contributed 48.9 percent and the service sector 25.1 percent. The value of investment reached 7.9 trillion kip or about 29.8 percent of combined GDP over the past five years. Borikhamxay is self-sufficient in terms of food production, meaning supply matches demand, and also produces a surplus for export. Agricultural production has supplied each person with about 52.4kg of meat, fish and eggs on average each year.
The number of industrial facilities and handicraft-producing outlets increased by 15.4 percent compared to 2015. All communities in the province have access to electricity, roads, and telecommunication services.
The province achieved a 103.4 percent success rate in its duty to contribute to state revenue and achieved 94.1 percent of the planned target in terms of local revenue.
Borikhamxay province has 70.4 percent forest cover.
The new provincial Party committee, led by Mr Kongkeo, has vowed to lead the province’s development, targeting annual economic growth of at least 5 prevent over the next five years. The target for GDP was set at 9.2 trillion kip, with US$2,800 the goal for average income per capita.
The Party committee aims for the service sector to contribute 30 percent of GDP, while agriculture will drop by 4 percent, and the contribution from industry and construction will decline by about 1 percent.
The province also plans that 99 percent of families and 92 percent of villages will rise above the poverty line in the next five years.
The Party committee will place a priority on education and human resource development as part of efforts to drive overall socio-economic development.



By Times Reporters
(Latest Update
September 28,
2020)


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