Trade officials to enhance Lao products for global market
17-06-2015 15:32:53+07:00
Trade officials to enhance Lao products for global market
Amid the growing demand from international markets and to integrate with the Asean Economic Community (AEC), the Trade and Product Promotion Department is seeking policies and regulations to drive and encourage business.
Supported by the Asean-Japan Centre, the department last week organised a seminar on the path to success of Lao products in the global market, which was attended by government officials and business operators.The aim of the seminar was to build understanding about trade and exports between the government and businesses, so they can better work together to promote Lao goods in the global market.
It also enabled participants to discuss their experiences in product development so they could produce goods of suitable standard for domestic and foreign markets.
Laos will integrate with the AEC at the end of this year, so businesses in every sector are required to enhance product development so they are in a position to compete.
In recent years, Laos’ export value to global markets has continued to increase, especially to the Japanese market, said Acting Director General of the Trade and Product Promotion Department, Mr Phan Vilaysom.
In 2008, the export value to Japan hit US$80 million and jumped to over US$100 million in 2010 and to about US$250 million in 2014, he reported.
Most of the exports are handmade goods such as fabrics, woods products, coffee and tea.
Lao businesses are concerned about competition when the AEC comes into effect, especially in terms of being able to produce goods of sufficient quantity and quality.
To prepare for the AEC, the government is familiarising businesses with its plans for regional and international economic integration as well as the regulations governing integration, targeting central to local levels, said Deputy Director General of the Foreign Trade Policy Department, Mr Xaysana Xayakone.
The government is also creating mechanisms to improve coordination between the various sectors at the central and local level to ensure equality.
Success will come from sound commercial product projects, and goods and services that match with Laos’ potential and enable the country to compete in the Asean market.
SMEs will be encouraged to produce more goods for export and the government will support them through easier access to funding and marketing opportunities.
The government will also improve regulations to make it easier for businesses to set up and operate, as well as develop human resource in various sectors from the central to local level so that goods can be produced in sufficient quantity and of adequate quality.
