Filed under: Economics Laos — Richard Welford
CSR Asia, China
Laos plans to increase its garment exports by 10% this year earning US$167 million, according to the Lao Textile and Garment Producers Association.
The sector’s products have by now penetrated European countries and the United States. The European Union recently announced it was giving Laos priorities to help it boost trade and economic development. Laos now boasts 57 garment and textile enterprises with more than 30,000 workers, according to this report.
Laos targets to increase garment exports by 10 percent
ientiane, May 26, 2014 (Asia Pulse Data Source via COMTEX) — — ? Laos has unveiled a plan to increase its garment and textile exports by 10 percent this year for an export earning of 167 million USD, according to the Lao Textile and Garment Producers? Association.
The association said the textile and garment sector earned 37 million USD from exports in the first three months of this year.
The sector?s products have by now penetrated European countries and the United States and they also get priorities in import and export taxes from the US.
The European Union recently announced it was giving Laos priorities to help the Southeast Asian nation boost trade and economic development.
One of the association?s heads, Nourak Phoumalai, said his association has worked closely with Vietnam, Cambodia and China, who occupy a big market share in garments and textiles in European countries.
Laos now boasts 57 garment and textile enterprises with more than 30,000 workers. The country is pinning its hopes that foreign direct investment flowing into the textile and garment sector will give a breakthrough for the sector?s exports.
