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Ministry urges enterprises to strengthen business operations
The Ministry of Industry and Commerce wants Lao enterprises to expand and improve their operations amid growing competition in the country.
The Trade Promotion and Product Development Department held its second Seminar on Enterprise Development on Trade Promotion in Xieng Khuang province on December 27 to 28.
The objective of the seminar was to help provincial trade officials and businesspeople in the north-east of the country to learn more about enterprise and product development.
Some 50 trade officials and businesspeople from Xieng Khuang and Huaphan provinces attended the Asean-Japan Centre funded seminar. They heard lectures from professionals in the field about aspects of trade and export promotion, and the demand and supply of goods in markets where strong competition exists.
Participants also learnt how to identify markets for their products, and the importance of attending trade fairs, which offer the opportunity for enterprises to display their new products and find new business partners.
One of the important lessons that seminar participants took away was the need to produce goods that suit different markets and are in keeping with demand from and purchasing power of consumers.
Speaking at the opening ceremony of the seminar, Trade Promotion and Product Development Department Deputy Director General, Ms Khampheng Simmasone, said enterprises must be aware of the effect of strong competition on their business operations and of the need to produce goods for markets.
She urged trade officials and businesspeople in the two provinces to continuously develop in order to keep pace with growing trade and economic development in the country.
She said one of the most important issues in any business operation is to study the potential market for which goods are intended. Business operators must also be prepared to attend trade fairs to publicise their products and make industry contacts.
Ms Khampheng also said that entrepreneurs must analyse trade and market information in order to prepare a sound business plan. Also of importance is the employment of sufficient skilled workers and strong financial backing to ensure a successful business operation.
According to the Ministry of Industry and Commerce, Lao people lack business skills when compared to neighbouring China and Vietnam.
Lao people prefer to get a job with a government agency or enterprise rather than setting up their own business, which poses a major challenge for the government in driving economic growth.
In many developed countries, the private sector plays an important role as a driving force in economic growth. Most governments do not engage in business but play a role as a facilitator.
The Lao government's policy is to help businesspeople to set up new operations, thus creating jobs for the local population and helping people to rise above poverty.
vientiane times
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