VIENTIANE, July 12 (Xinhua) -- Laos' Ministry of Industry and Commerce convened a meeting to advance a production promotion fund, aiming to strengthen local production, support economic stability, and transform local goods into competitive commodities that meet both domestic and export demands.

The meeting was held on Thursday in the capital Vientiane, and was attended by Deputy Prime Minister Saleumxay Kommasith, Minister of Industry and Commerce Malaythong Kommasith, according to the ministry on Saturday.

Speaking at the meeting, Saleumxay said that 3,357 micro, small, and medium-sized enterprises have received financial support, marking a significant achievement. However, the figure remained insufficient to meet the overall demand for production funding.

Saleumxay said that many producers still faced difficulties in accessing commercial bank loans due to a lack of collateral, high interest rates that are unsuitable for agricultural activities, and previous debts, all of which hinder their ability to secure necessary capital.

To address these challenges, the government has designated the ministry as the central coordinator, working with relevant sectors to effectively manage and utilize the fund, with the goal of boosting local production and meeting future demand. ■