Business officials confer on impending AEC integration
Business officials confer on impending AEC integration
A two-day meeting was held in Savannakhet province last week to discuss the preparation of Laos' economy for integration with the Asean Economic Community (AEC) next year.
The meeting focused on trade and investment priorities, along with the challenges that domestic businesses will have to contend with in the face of greater competition.
Director General of the Economic Research Institute for Trade, Mr Santisouk Vilaychaleun, said the meeting was an opportunity for industry and commerce officials to contribute their own ideas about production and trade in Laos.
Mr Santisouk said both central and local-level government officials needed to be technically trained and learn about the importance of the AEC.
Deputy Minister of Industry and Commerce Mr Siewsavath Savengseuksa raised questions over how much progress the agriculture industry had made in shifting towards greater commercial production.
Mr Siewsavath also said the government should consider which sectors needed to be improved as a priority before the AEC came into effect.
The meeting discussed ways to resolve the continuing difficulties that small and medium-d businesses face when trying to access loans.
There was also discussion on how the drafting of new regulations was progressing and the readiness of the banking sector.
The AEC is expected to bring new trading opportunities for many Asean member countries but Lao businesses may struggle with increased competition from regional rivals unless their products and services are improved.
vientiane times
