Young entrepreneurs demand better policy
Young entrepreneurs demand better policy
Loans at high interest rates, limited access to finance, improvements to the law on accounting and the supportive policies of government bodies are among several concerns raised by the Lao entrepreneurial sector.
The government recently met with various business sectors to check on the progress of preparations for the Asean Economic Community next year.
Several business associations have put forward their concerns a nd requested the appropriate government sector to provide specific guidelines and resolve remaining business barriers.
The Young Entrepreneurs Association of Laos also called for government sectors to push forward the amendments to business laws, especially the Law on Accounting, to facilitate business operations in Laos.
An urgent amendment of the law and improvements to necessary policies by the government sector will encourage local businesspeople to do their best in business operations and to be ready for competition with foreign businesses.
The association's President Ms Valy Vetsaphong told Vientiane Times last Thursday that the amendment of the Law on Accounting was critically important to encourage businesspeople to carry on their business activities.
“The Lao business sector has a wide range of challenges ahead of the Asean Economic Community,” she said, adding that one of the biggest challenges is skilled labour.
Local entrepreneurs are currently facing a longstanding issue on finance accessibility, as the public and commercial banks offer only high interest rate loans to customers.
“Currently entrepreneurs have problems with high-interest bank loans, which significantly discourage local businesspeople from making improvements to their business units,” Ms Valy explained.
The demand for skilled labour in production and other businesses is high while the supply is still limited in Laos.
“When it comes to a short-term solution, the public and private sectors need to join hands in developing human resources with a focus on specific skilled labour to meet the demand of the labour markets,” she said.
Ms Valy also said that the government and economists will be a key factor in helping the business sector by providing appropriate guidelines, policies and analysis.
The association has now become a significant platform for its almost 300 members enabling them to connect and build a network among themselves.
vientiane times
