Capacity building to integrate regional economy
Capacity building to integrate regional economy
In order to support Laos integration with the world and regional economies, the government needs to strengthen human resource development in particular focusing on capacity building and improvement to education quality.
The M inistry of Industry and Commerce is cooperating with the Economic Research Institute for Asean and East Asia (ERIA) and the Japan External Trade Organisation (JETRO) to organise a capacity building seminar for government officials, business operators and representatives from research and educational inst itutes.
During the two-day seminar in Vientiane yesterday and today, participants will increase their understanding about regional comprehensive economic partnership, competition law, consumer protection and intellectual property from Lao and international experts.
This capacity-building seminar will also help participants to know more in preparation for the opportunities and challenges that joining the regional comprehensive economic partnership will bring.
“The government is focusing on standard implementation measures to assist in international economic integration and allow the country's economy to grow, in addition to the use of Free Trade Agreements (FTAs) with different countries,” Minister of Industry and Commerce, Dr Nam Vinhaket, said at the seminar.
“Work on competition measures and consumer protection in Laos is still in the early stages. More is needed to be done to improve capacity building for the public and private sectors,” he said.
“Capacity building will help establish transparency for fair competition and ensure the consumers get standard, quality products,” said Dr Nam.
There are different organisations from developed countries interested to assist Laos in developing this area and contributing to socio-economic development.
Dr Nam believed that the lectures would provide great benefit to the government and private sectors in implementing regional economic integration work.
Laos is at the centre of the Greater Mekong Sub-region. It is the only country bordering all the others in the sub-region and does more than 70 percent of its international trade with the GMS according to the Lao National Chamber of Commerce and Industry.
The country's natural resources and cultural diversity have a large potential for development within the region.
Challenges to be addressed in FTAs are the number of constraints that slow down development and restrict trade and investment under the F TAs.
There is a light population density and a low level of knowledge and education in the population and labour force.
Weak public management capacity and a slow application of necessary structural changes for the market economy have had an impact on the business environment and private sector.
The preparation of the private sector for the changes that will occur in the course of the FTAs implementation is not enough.
The seminar was co-chaired by the ERIA President, Prof, Dr Hidetoshi Nishimura.
vientiane times
