Public, private businesses discuss challenging issues
Public, private businesses discuss challenging issues
Fluctuating goods prices and unstable services and supplies will continue to pose challenges to the public and private sectors if there are not adequate control mechanisms and measures in place.
This also means that both sectors will be unable to restrain fluctuating prices in local markets and prevent negative impacts on businesses and consumers.
This was the conclusion of the Vice President of the Lao National Chamber of Commerce and Industry, Mr Saman Aneka, during his remarks at a public-private sector consultative meeting held yesterday in Vientiane.
Mr Saman said markets and customer demand was based on market mechanisms and depended on the supply of goods and customers' requirements.
Yesterday's meeting brought employer groups and businesses from the public and private sectors together to discuss the challenges faced in banking, state enterprises, mining, engineering, Small and Medium Enterprises (SMEs) funding access, labour, and related issues.
Mr Saman said the results of the meeting will be reported at the 10th Lao Business Forum (LBF) being held in Vientiane next month.
The LBF is a forum to improve the business-enabling environment by providing a platform for effective dialogue between the business community and the government.
It is also intended to facilitate information-sharing with potential investors. The LBF draws on the International Finance Corporation's successes at both the Vietnam Business Forum and the Cambodia Government-Private Sector Forum.
The forum is a formal dialogue mechanism between the government and the private sector, both foreign and domestic. It also helps to strengthen the role and voice of the private sector in Laos.
The strength and effectiveness of the LBF stems fundamentally from a strong partnership and direct linkages between four main parties: the domestic and foreign private sector, donor countries, multilateral institutions, and the Lao government.
It aims to promote policy dialogue among these key stakeholders to develop a successful environment for private enterprise. All issues raised in the forum are of interest to a significant number of private sector enterprises operating in Laos, rather than individual companies.
During the forum, the issues confronting Laos' continued economic growth will be among the key topics discussed.
Over past years, economic growth has attracted foreign investment in line with government policy. This meant many businesses are joining forces and boosting production to better compete in international markets.
Improved regional and international competitiveness requires skills development, labour, education and human resource development, which are all of considerable importance and will benefit the country.
Businesses should pay more attention to developing labour skills, in addition to investment, to create more employment and support income growth among the Lao people, it was agreed at the meeting.
