Market research key to business opportunities
Market research key to business opportunities
Improving access to market information is critically important for the processing industry while the relevant government sectors at all levels are required to work together to achieve the goals, according to a senior ministry official.
“Every part of the industry and commerce sector will have to work together to enhance the availability of market details for any specific products,” said the Deputy Minister of Industry and Commerce, Mr Somchith Inthamith at the ministry's annual meeting held in Vientiane recently.
Laos, alongside other Asean countries will form the Asean Economic Community at the end of this year; however many countries including Laos are still largely dependent on a griculture as their main commodity.
“We are also required to promote and develop the processing products in association with the development of production chains, making it possible for people to increase the value-added price,” he said.
Most importantly, the ministry also encourage d the relevant government sectors to carefully study the business circumstances of each neighbouring country, so the lessons can be adapted to the development of Lao products.
Mr Somchith also stressed that information about the market and the global business environment will still be key factors to providing more business opportunities for local entrepreneurs in the regional marketplace.
“Thinking of competition with other Asean countries in terms of the quantity of agricultural products and distribution, we will certainly need to have more investment funds,” he said, adding that the market share for organic agricultural organic products still offers great opportunities for Laos.
“Maize, rice, cassava and other commercial crops remain the main agricultural products for us to export to other countries,' Mr Somchith said.
Laos has a wide range of agricultural productions, including rice, commercial crops and coffee beans. These agricultural products have been the backbones of the nation's export products for many years.
In addition, the government also encourages the expansion of agricultural production based on the potential of local farmers and investors.
The Ministry of Industry and Commerce, on behalf of the government, is intending to conduct further market research and analysis to ensure a better understanding of regional and international markets.
Deputy Prime Minister Somsavat Lengsavad presided over the annual meeting of the Ministry of Industry and Commerce.
During his chairing of the meeting, Mr Somsavat also called on ministry officials to carefully inspect the requirements for business improvements in terms of AEC preparation.
At the recent meeting, the ministry also reported that industry had contributed 4.4 percent to the GDP growth rate, which had averaged 8 percent in total over the past four years.
The sector is also set to grow by 15 percent a year in terms of the processing industry, and trades and services. Growth in the export of processed industrial products should also reach 15 percent per annum, according to forecasts.
The contribution of imports and exports to GDP should rise from 56 percent over the period from 2011-14 to about 70-80 percent by 2020.
