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VIENTIANE--The Central Committee of the Lao People's Revolutionary Party has approved a resolution which the Lao government must incorporate in order to sustain economic growth.
The committee, which serves as the political decision-making body of the Lao People's Democratic Republic (Lao PDR), approved the resolution at the end of the eighth session of the 10th Party Congress this week, local daily Vientiane Times reported on Friday.
According to the resolution, one of the paths the Lao government must pursue is the improvement of the business and investment climate, which is regarded as a prerequisite for Laos to maintain economic growth.
At the meeting, chaired by the party's secretary general and the Lao President Bounnhang Vorachit, the party's central committee agreed that, in order to improve the business climate, the Lao government would have to reduce the amount of red tape and bureaucracy.
In addition, it must actively promote the development of small and medium sized enterprises. Another important undertaking is to create new revenue bases, according to a statement issued by the committee.
The committee also stressed the need for Laos to maintain strong economic growth, but warned that this must be based on green and sustainable methods.