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Lao garment industry draws in over US$ 840 million in 5 years
The Lao textile industry has generated more than US$840 million from its garment exports over the past five years, according to a recent report of the Association of Lao Garment Industry.
In 2008, the export of Lao garment rose by 24 per cent over the previous year, amounting to nearly US$190 million, which was a peak year.
The Lao garment industry, a major sector of the national economy, generates annual income of US$100 million and creates more than 30,000 jobs for local people. Mr Onesy Boudsivongsack, President of the Association of Lao Garment Industry, has noted that the export of Lao garment sees obvious increase year by year despite a lot of barriers such as shortage of labour skills and fluctuation of currency exchange. However various sectors have tried to address the problems and promoted the Lao garment industry.
Over the past five years, the Lao garment industry has enjoyed average income of no less than US$166 million and a worker has generated annual income of no less than US$5,560 for the country on average.
Last year, the garment export grew by 14 per cent, totalling to almost US$182 million.
However, despite the rising export tendency, the establishment rate of new garment factories is still low. Most of the growth stems from the expansion of garment factories but is constrained by the shortage of labour, which holds up the export volume.
"If we can create a fundamental factor, the Lao garment industry will drastically grow. This is because Lao garment products are of high demand and with no limit in the main market of the European Union, the USA and Japan," Mr Onsy defined.
kpl Lao news agency
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