Laos focuses on creating digital economy, society


Lao Prime Minister Sonexay Siphandone has called for intensive action to develop three digital pillars – a digital economy, government and community – to give a big boost to the country’s socio-economic development, local media reported on May 29.

Addressing the ‘Ministerial Level Conference on Blockchain 4.0 Development for Digital Economy Development in Laos’ in Vientiane on May 26, the PM said that Laos must be resolutely determined to promote and broaden the use of digital technologies effectively.

The technologies including blockchain, artificial intelligence (AI), high speed Internet, Internet of Things (IoT), big data, cloud computing, E-wallet, E-transactions, E-payments, and virtual and augmented reality will bring about new opportunities and services to drive rapid changes and spur fast progress in socio-economic development and governance.

He said the use of digital technologies is a global trend, and countries around the world are developing and using them to create smart cities, smart governments, smart economies, smart communities, and smart living.

To pursue the common goal, the Lao government is implementing the National Digital Economic Development Vision for 2021-2040, the National Digital Economic Development Strategy for 2021-2030, and the National Digital Economic Development Plan for 2021-2025.

PM Sonexay stressed the need to develop human resources and infrastructure, along with enacting the necessary legislation to support these plans and digital transformation in Laos.

Lao Minister of Technology and Communications Boviengkham Vongdara said that the ministry and MetaBank Singapore signed a contract to develop Lao National Blockchain Infrastructure to support digitalisation.

MetaBank Singapore’s Founder and Chairman Frank Sui said the country’s digital economy, throughout its 2023-2025 piloting programme, is forecast to generate more than 7 billion USD in revenue, including over 1 billion USD generated this year, more than 2 billion USD next year, and more than 4 billion USD in 2025.

Source: Lao News Agency