Banana is expected to be Laos' top agricultural export in 2019 despite the local government’s ban on the expansion of plantations around the country, according to local daily Vientiane Times.
Vientiane (VNA) - Banana isexpected to be Laos' top agricultural export in 2019 despite the local government’sban on the expansion of plantations around the country, according to local dailyVientiane Times.
In 2017, the Southeast Asian countryearned 167.9 million USD from banana exports. The figure dipped to 112 million USDin 2018, but is expected to rise to 168 million USD in 2019, according to theLao Ministry of Industry and Commerce.
The bulk of the crop will be sold toChina and some to Thailand.
The commercialisation policy onbanana production benefits rural people. The most notable outcome of thispolicy has been the influx of investors to assist Lao banana growers in thecountry's northern provinces of Bokeo, Luang Namtha, and Oudomxay which led toan increase in banana exports from 46.6 million USD in 2015 to over 197.8million USD in 2016.
Other major agricultural exports ofthe country are expected to include cassava with sales reaching 129 million USD,raw coffee at 143 million USD, rubber at 105 million USD, maize at 34 millionU.S. dollars, and rice at 25 million USD.-VNA
The Lao economy is projected to grow around 7 percent annually between 2017 and 2019, according to the latest edition of the World Bank's Lao Economic Monitor released in Vientiane on May 24.
The Lao Government has offered a number of non-tax incentives in a bid to promote the flow of foreign direct investment (FDI) in the country, reported the Vientiane Times on April 27.
The mining sector's contribution to the Lao economy will continue to drop over the coming years, according to an update on domestic economic prospects in 2018 and beyond of the Lao National Economic Research Institute.
Economic growth in Laos has seen robust expansion compared to regional peers but the country is still at risk due to high public debt, with growth in the share of debt on less concessional terms, according to a report of the World Bank (WB).
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Illustrative image (Source: Reuters) 
