Laos-China Roadshow promotes SMEs
Laos-China Roadshow promotes SMEs
The Laos-China Roadshow for Bank of China (BOC) SMEs Cross-Border Trade and Investment Conference has given Lao firms the opportunity to expand their business network to enterprises in China and the Asean region.
The Department of SME Promotion in cooperation with the Lao National Chamber of Commerce and Industry (LNCCI) and Bank of China Limited Vientiane Branch organised the event on Monday in Vientiane to present the BOC Global SME Cross-Border Matchmaking Service.
The conference also highlighted the experience and achievements of BOC's services in Laos and internationally.
SMEs are an important force for economic and social development, playing an irreplaceable role in job creation, technical innovation, economic growth and other aspects.
BOC is the only bank in China that has been operating continuously for more than 100 years.
This year, BOC has provided financial services in 51 countries and regions, which includes 20 countries on the �Belt and Road�.
The bank is now accelerating its global layout, planning to expand its overseas presence to 60 countries and regions by the end of 2017, according to the bank.
The bank was ranked 4th among the top 1,000 world banks by The Banker magazine in 2015.
BOC SME Cross-Border Matchmaking Service will help communicate information to all SMEs in order to boost cooperation opportunities and sustainable development.
The service will also to help the private sector in Laos meet partners for promoting export products.
Even though it has a small population, Laos' proximity to its neighbour and world's most populous nation China affords it excellent marketing opportunities.
BOC can be a bridge connecting Lao and Chinese businesses for economic development and cooperation expansion.
Cooperation will also allow Lao firms to work with different countries in the Asean region and around world.
�BOC Limited Vientiane Branch is one of the most imp ortant commercial banks in Laos, which was established on March 25, 2015,� BOC Limited Vientiane Brach Deputy Managing Director, Mr Chen Ke Qin said.
�The branch relies on BOC's international network, global service and local knowledge philosophy to provide good service to assist Laos and China trade and investment, he said.
However, SMEs in Laos still needed more promotion from the government, cooperation, access to finance and technical assistance from different sectors, Deputy Minister of Industry and Commerce, Mr Somchit Inthamith told the conference.
�Laos and China have signed agreements on economic cooperation and border trade in order to increase collaboration between the nations,� he said.
Last year, Lao and Chinese trade reached US$2.34 billion, of which US$1.35 billion were exports from Laos to China and US$990 million imports from China, Mr Somchit explained.
Regional level trade between Asean and China was US$480 billion, making China the largest trading partner of Asean, while Asean was ranked third trade partner for China, he added.
He assured that Asean Economic Community integration, infrastructure development and investment promotion policy improvements of Laos as well as the Laos-China railway development project would hasten cooperation between Asean and China.
The conference was attended by government officials including Deputy Minister of Public Works and Transport, Mr Viengsavath Siphansone, Depu ty Minister of Energy and Mines, Mr Thongphath Inthavong along with Vice President of LNCCI, Mr Vanthong Sithikoun, senior officials from BOC and BOC Limited Vientiane branch, plus representatives of Lao and Chinese trade associations and private sector.
The conference was supported by the Ministry of Industry and Commerce and BOC.
