Enhance offerings, explore value chains, small and medium enterprises advised
Enhance offerings, explore value chains, small and medium enterprises advised
Small and Medium-sized Enterprises (SMEs) in Laos must gear up to continuously develop and improve their product offerings to contend with regional and international competitors, an official in charge of SME promotion has said.
�The SME business sector must work harder to improve the potential of its products because the market already exists,� Deputy Director General of the SME Promotion Department under the Ministry of Industry and Commerce Mr Sa Siriphong told Vientiane Times yesterday.
He explained that his department is now working to help the SME sector by organising workshops and seminars on various relevant topics to improve the business environment.
�We continuously focus on capacity building for the SME business sector, providing them with access to consultancy and market research but that's not yet enough to help them in enhancing their strength,� Mr Sa said.
In addition, the manufacturing process of products in Laos must see greater cohesion between business units and related production chains.
�We can say that about 86 percent of production is still in the form of micro business, it is not even really big enough to classify as SME business yet,� Mr Sa said.
The SME Promotion Department has recently unveiled that the sector accounted for an extraordinary 99.8 percent of economic activity in Laos.
The government sector along with public and private businesses are discussing how value chain development can help SMEs plays a more significant role in business operations and expand quality product offerings to benefit from regional and global opportunity.
When asked about what is being done to assist the SME business sector in Laos, Mr Sa said that the government is now advising them on ways to access to finance and markets.
�We are not only helping them to look at the AEC markets but also tourism sites here in Laos, where foreign visitors can buy products connected to the uniqueness of Lao tradition, culture and history,� he added.
In addition, the Mi nistry of Foreign Affairs' Economics Department held a seminar in Khammuan province recently on opportunities and challenges for Laos' SME access to AEC markets to share information on regional integration and challenges.
