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Draft law on SMEs nearing fruition
Small and medium enterprises (SMEs) stand to benefit from the draft law on SMEs promotion, which is expected to be submitted to the National Assembly for approval this year.
More than 70 people from government offices, private businesses and organisations gathered in Vientiane yesterday to discuss the draft law at a meeting presided over by Deputy Minister of Industry and Commerce Mr Siaosavat Savengsuksa.
Mr Siaosavat said “The law will ensure SMEs attain a higher level of operations to contribute to the country's development.”
According to a 2006 survey, SMEs with less than 100 employees account for about 99 percent of all enterprises in the country and more than 80 percent of all employment.
“Promotion of SMEs is important to contribute to national economic growth, as defined in the socio-economic development plan for the country,” he said, adding “This is why we need the SMEs law in order to make promotion work easier.”
The draft law is based on the SME decree and also on the experiences of neighbouring countries to facilitate Laos' integration into regional and international markets.
Mr Siaosavat said “SMEs are a complicated issue, which requires cooperation from many sectors, so it is important that everyone contributes to the implementation of the law once it is approved.”
The draft law covers such content as entrepreneur development, business consultation, cooperation among SMEs, large enterprises and foreign investment, productivity, market access, promotion of creative ideas and technology usage, property protection and information provision, funding, and policy and privileges regarding taxes and tariffs.
The objective of the law is to set down rules and regulations to enable SMEs to grow and be competitive, so they can provide job opportunities and help boost living standards.
A total of three brainstorming meetings for the draft law will be held to generate ideas from various sectors, with similar meetings to be staged in Luang Prabang province in the north and Champassak province in th e south by the end of this month.
The meeting was organised by the Ministry of Industry and Commerce and supported by the Asian Development Bank.
vientiane times
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