Information, markets to boost business from Laos to Asean and beyond
Information, markets to boost business from Laos to Asean and beyond
Relevant sectors in Laos have been called to help improve the business climate and assist Lao companies to gain more access and benefits from Asean integration through the timely release of information.
Lao National Chamber of Commerce and Industry Vice President Ms Valy Vetsaphong told Vientiane Times this week that Laos had a need to ensure its laws and regulations were harmonised with that of Asean Economic Community (AEC), and work to help business to boost trade with other Asean nations.
“Our business environment has not improved as it should, hindering the growth of business sector,” she said.
“Currently some regulations are contradicting laws while other rules are often revised, making it difficult for entrepreneurs to follow and successfully expand their businesses.”
Ms Valy who is also a member of the National Assembly, expressed support for the government’s efforts to promote transparency and fight against graft and corruption, facilitating the progress of companies that pursue the laws.
However approval processes must be made more rapid to allow companies to import and export their products in a timely manner.
“The government has stressed the significance of one-stop services to facilitate the expansion of the business sector,” she said.
“I think that if they can sufficiently carry out this initiative, it will help considerably toward improving the business environment in Laos,” she said.
In fact, the government committed to commence the rollout of one-stop services several years ago, but implementation has since stalled.
Ms Valy highlighted problems faced by businesspeople in Laos, saying that they did not only face high costs of transport, slow documentation approval from authorities and non-tariff barriers, but also a lack of relevant market information.
The Lao National Chamber of Commerce and Industry called on the government to establish an information centre to help exporters research ways towards achieving deeper and wider penetration of the available markets at home and abroad.
Any economic and trade agreements or rules for import and export in which Laos has signed with other Asean countries and those in other regions have to be revealed to business operators in a timely fashion.
It is also essential to publish information about markets including demand for commodities and items that the country can produce.
Information on standards, volumes demanded, market price trends and the competition are all required for businesses to take the opportunities on offer.
“Not all entrepreneurs understand Asean markets, what our potential areas of strength are, how we can into them and benefit more from the AEC,” she said.
Currently many business sector operators are complaining about the insufficient data provided by government sector organisations.
For instance, information about trade deals signed between Laos and other countries, import-export, inflation and investment is not timely and still under-reported.
According to the Ministry of Industry and Commerce, Laos is enjoying Generalised System of Preferences (GSP) exemptions from over 50 nations across the world.
Nonetheless, a glance reveals both the country’s businesspeople and nation’s economy is not yet able to fully benefit from these special considerations.
One of the main reasons for this is that Lao entrepreneurs haven’t been in the position to sufficiently understand real benefits and how to go about the various procedures of the GSPs.
Addressing this issue will not be a simple task but could well prove essential if further progress and prosperity for the country and its people is to be achieved.
