More to do for Lao entrepreneurs ahead of AEC
More to do for Lao entrepreneurs ahead of AEC
Lao businesspeople need to further develop their entrepreneurial skills in preparation for the coming of the Asean Economic Community (AEC) next year.
President of the Young Entrepreneurs Association of Laos (YEAL) Ms Valy Vetsaphong made the remarks at a meeting yesterday in Vientiane to review the progress of the association's executive board over the previous year.
She said over the past one year YEAL members have participated in various activities and attended domestic and international events, especially work related to the coming of the AEC.
Those events included the Asean-China Young Entrepreneur Forum, Asean-Japan Forum, Asean- Young Entrepreneur's Association, Economic Pillar of Asean, Asean-Young Entrepreneurs Symposium, Asean Roundtable, the Second US-Asean Business Summit and the Asean-Germany meeting.
In addition, the association held several seminars and symposiums about preparations for the upcoming integration as part of the AEC next year.
“Members have frequently attended important meetings in foreign countries and although it has cost us money it has helped promote our association on the international stage,” Ms Valy said.
“After several activities and events we could say that YEAL members, especially in Vientiane, have a deeper understanding of AEC issues compared to a few years ago, Ms Valy commented.
Nevertheless, it is accepted that most entrepreneurs in other provinces still don't understand the AEC deeply because the association didn't hold many seminars and meetings in other provinces because of the time and budget limitations, she added.
Ms Valy noted that some Lao entrepreneurs have worked out partnerships and matched business partners with entrepreneurs from neigbouring countries like Thailand, Malaysia, Vietnam and China.
“Our entrepreneurship needs to be developed further. Most entrepreneurs have grown from family businesses so they need to change from merchants into entrepreneurs,” she remarked.
“In addition, we still lack human resources and even if we have capital to expand our business we will face a shortage of skilled personnel with new ideas and inspiration,” Ms Valy added.
She admitted access to bank loans is a problem for entrepreneurs so the association hopes the SME fund will help solve this issue because entrepreneurs need access to funds and also reasonable interest rates.
She stated that Laos has strong businesses in tourism and organic agriculture so entrepreneurs should focus on these sectors. Meanwhile the government should develop basic infrastructure and entrepreneurs should develop all facets of their businesses.
Lao furniture and handicraft products are well recognised in international markets however producers should create their own unique brands and develop their entrepreneurial skills to ensure their products become more famous and their market potential is expanded
The Young Entrepreneurs Association of Laos will host the Asean-China Forum next year and this forum will help domestic entrepreneurs understand more about their role in Asean, especially the coming of the AEC.
In addition, the association also plans to organise a seminar on the AEC for entrepreneurs nationwide and continue to attend important meetings abroad, Ms Valy said.
vientiane times
