Day: June 28, 2023

The 2023 Lancang-Mekong Cooperation (LMC) Media Summit was held in Beijing, China on Tuesday under the theme “Promoting People-to-people Bond for Better Shared Future “.

Lancang – Mekong Cooperation Media Summit is the sub-regional cooperation mechanism that was jointly established in 2016 by six Mekong countries namely China, Cambodia, Laos, Myanmar, Thailand and Vietnam.

Over 130 representatives from relevant departments and mainstream media of the six Lancang-Mekong countries attended the event, according to Xinhua.

Delivering remarks at the meeting, Mr. Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and Head of the Publicity Department of the CPC Central Committee, called on the participants to support media and their exchange of lessons and experiences.

The participants had in-depth discussions on achieving peace and development, mutual benefit, win-win outcomes, and people-to-people exchanges in the region, and on contributing to the building of a closer Lancang-Mekong community with a shared future.

They shared the view that concrete benefits have been delivered to the six participating countries since the LMC’s inception, and the LMC has effectively boosted amity among people of the six countries.

They noted that there is massive potential for cooperation among the six countries in areas of infrastructure construction, agriculture, poverty reduction, security, and environmental protection.

They expressed their hope to promote exchanges among the people of the six countries through media cooperation, enhance friendship and mutual trust, and better tell Lancang-Mekong stories.

Head of the Lao People’s Revolutionary Party Central Committee Propaganda and Training Board Vanxay Tavinyane said that Lancang – Mekong cooperation has contributed to socio-economic development in region including 36 development and poverty reduction projects implemented in the Lao PDR.

President of the Lao Journalists Association Savankhone Razmountry urged the participants to attach attention to promote the development of connectivity infrastructure, people to people exchange, economic cooperation, and foreign direct investment.

He noted that China plays an important role in turning landlocked Laos into a land-linked country through building a high speed railway connecting Vientiane of Laos with Kunming of China’s Yunnan.

The railway, the flagship project of China-proposed Belt and Road Initiative, is also designed to connect Laos with Thailand, Malaysia and Singapore.

Source: Lao News Agency

Members of the National Assembly have asked the government to take tougher measures against rising exchange rates and better promote public use of national currency (kip).

At the ongoing 5th Ordinary Session of the National Assembly’s 9th legislature on Tuesday, Mr. Sathabandith Insisiengmai, member of the National Assembly for Huaphan provincial constituency, called on the government to attach attention to addressing inflation and asked the Bank of the Lao PDR to make greater efforts to promote the use of the national currency (kip).

“According to the survey conducted by a trade institute in 2023, 70% of small and medium enterprises agreed to increase the monthly minimum wage to 1.8 – 2 million kip so as to ensure workers have enough money to sustain their cost of living,” he added.

A couple months ago, the government issued a notice ordering the nationwide closure of currency exchange shops.

Mr Vorasith Sivongda, NA member for Savannakhet provincial constituency, proposed the government to better promote domestic production to reduce imports.

The year-on-year inflation rate in Laos has decreased slightly from 41.26 % in February, to 40.97 % in March, 39.89 % in April and 38.86 % in May, according to the Lao Statistics Bureau.

As of June 2023, the cost of food and non-alcoholic drinks has risen by 42.73 % year-on-year, as the cost of the hotel and restaurant sector has increased by 28.78 % and medical care and medicines has jumped by 25.09 %.

The cost of clothing and footwear has increased by 24.60 % and that of household utensils has been up by 23.94 %.

The depreciation of Kip against hard currencies is one of main factors that drive inflation in the country, posing a challenge for the Lao government to curb the rising cost of living.

Source: Lao News Agency