Strengthening the capacity of Lao businesses is key to benefiting from the AEC
Strengthening the capacity of Lao businesses is key to benefiting from the AEC
Entrepreneurs have been urged to join groups to develop their strengths and minimize any disadvantages in a bid to benefit from the Asean Economic Community (AEC).
Vice President of the Lao National Chamber of Commerce and Industry MsValyVetsaphong told Vientiane Times on Tuesday that Lao entrepreneurs needed to enhance their capacity and knowledge to understand and respond to the demands of the Asean market.
“I want all companies to be members of the Chamber of Commerce and Industry in their provinces because we can help each other to develop our strengths and ensure our products are competitive in the Asean market,” she said.
Creating brands and trade marks for Lao products while working to ensure the goods meet the necessary standards and requirements is critical to satisfy market needs.
Last week, the Lao National Chamber of Commerce and Industry held a meeting in Vientiane with business sectors from eight northern provinces.
The move aimed to discuss how to strengthen the capacity of local entrepreneurs so they do not become victims of regional economic integration.
Businesspeople were requested to join groups in order to create strong bargaining power and allow them to work together to improve the quality of Lao products for the Asean market.
Businesses called on government sectors to improve services to facilitate business activities and minimise barriers for entrepreneurs.
Currently, State services for the business sector are very slow, particularly the document approvals process. A one-stop service is essential for the business sector and would also contribute to improving the business environment in Laos.
Businesses also asked the government to provide sufficient information, such as details regarding import-export rules that Laos signed with other Asean countries.
The business sector requires information relating to logistics and countries interested in purchasing Lao products so they can be well equipped to produce goods in response to market demands.
As a result of the AEC, many businesses in Asean countries have expanded their operations to Laos, but only a smaller number of Lao businesspeople have set up shop in other Asean countries.
