Laos seeks to boost business development

VIENTIANE, Nov. 1 (Xinhua) — Representatives from the Lao government, development partners and the private sector convened in Lao capital Vientiane to exchange views on foreign investment and small and medium enterprises (SME) development.
The challenges and opportunities in private sector development in Laos were the main topics of discussion at the 23rd Trade and Private Sector Working Group meeting held here on Wednesday, according to a report from Laos’ Ministry of Industry and Commerce on Friday.
Over 80 participants representing line ministries, embassies, development partners, and domestic and foreign business communities attended the meeting.
Speaking at the meeting, Lao Deputy Minister of Industry and Commerce Manothong Vongsay said: “While we are making good progress in integrating with regional and global economies, especially under the framework of the ASEAN Economic Community (AEC) and World Trade Organization, a lot still needs to be done.”
“For Laos to gain full benefits from international integration, especially in the context of the AEC, it is essential that our country can enhance its national competitiveness by further deepening economic integration, creating a favorable trade and investment environment, and improving the productivity of Lao enterprises,” said Manothong.
Trade and Private Sector Working Group is one of the ten sector working groups under the Round Table Process and is the main forum for policy dialogue between the Lao government and development partners.
The working group meetings are organized semi-annually to address issues related to trade policies, investment promotion, infrastructure development and other matters that affect the private sector and trade within the country. ■