VIENTIANE, Oct. 1 (Xinhua) -- Laos unveiled the priority actions in trade and trade-related areas (2024-2030) as part of a guidance to graduate from least developed country (LDC) status by 2026, aiming to ensure a smooth transition.

The unveiling ceremony was held in Lao capital Vientiane on Monday, attended by over 50 representatives from the public and private sectors, according to a report from Laos' Ministry of Industry and Commerce on Tuesday.

Over the years, the Lao government has prioritized poverty eradication among its diverse ethnic groups, setting clear objectives to lead the nation out of LDC status.

In his speech, Lao Deputy Minister of Industry and Commerce Manothong Vongsay emphasized the significance of the guidelines, which are designed to accelerate development across key sectors.

He observed that this transition not only signifies a notable achievement but also opens new avenues for international recognition of Laos' progress. The transition is expected to enhance the credibility of investments within regional and international value chains.

Manothong outlined key opportunities that could facilitate Laos' exit from LDC status, such as leveraging the country's railways and land ports to enhance trade, reducing reliance on imported fuel by maximizing the use of domestically produced electricity, and fully utilizing agricultural resources to meet global market demands.

He also called for increased diversification of exports, the creation of products with higher added value, and deeper integration into regional and global value chains. Enditem

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