Laos Business
• Main exports: Clothing, timber products, copper, electricity and coffee.
• Main imports: Machinery and equipment, vehicles, fuel and consumer goods.
• Main trade partners: Vietnam, Thailand, France and China (PR).
Economy
Considerable reserves of tin, lead, zinc, iron ore, coal and timber are largely untapped. Industry is mostly concerned with textiles, basic consumer goods and processing raw materials. The tourism industry has developed since the late 1990s. It is now Laos' single largest source of income but development is hampered by chronic shortages of skilled labour and foreign exchange.
Economic reforms began in the early 1990s but, compounded by the regional financial crisis, the economy was in serious difficulties by the beginning of 1999 with the Lao Kip sinking against the US Dollar, which it has continued to do. Since then, something of a recovery has taken place: in 2006 the economy was growing at around 7.4% annually while inflation had been cut to 6.8%. The economy relies heavily on foreign aid. Laos is currently working towards joining the World Trade Organisation.
Business Etiquette
Office hours: Mon-Fri 0800-1200 and 1300/1400-1600.
Business Contacts
BP 4596, Phonphanao Village, Saysettha District, Vientiane, Laos
Tel: (21) 452 579.
Website: www.lncci.laotel.com
Ministry of Finance
Thatluang Road, Ban Phonxay, Xaysettha District, Vientiane PO Box 46, Laos
Tel: (21) 412 409.
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