The government wants to see an increase in the number of new entrepreneurs, supporting them through training courses in business operation and facilitating access to funds.

A project entitled ‘New Entrepreneur Creation’ was launched last Friday in an effort to foster the development of more young entrepreneurs, targeting university students and others interested in new enterprise establishment.

Speaking at the official inauguration of the project, Director General of the Small and Medium Enterprises Promotion and Development Department, Mr Somdy Inmixay said all interested participants will receive a 50 percent discount on their fees, with the tab to be picked up by the government.

Under the Ministry of Industry and Commerce, the Fund for Promotion and Development of Small and Medium Enterprises is also managed by the Small and Medium Enterprises Promotion and Development Department.

“The project focuses on creating new young entrepreneurs, supporting university students and all interested persons who are interested in owning and operating enterprises,” Mr Somdy said.

He said these interested people will be properly trained by various public and private entrepreneurship centres and equipped with basic skills of business operation.

The Laos-Japan Human Resource Development Institute, Laos-India Entrepreneurship Development Centre, Lao IT Incubation Centre, Enterprise and Development Consultants Company Limited and Training and Consulting for Development Organisation will team up with the project.

“The project also aims to promote the development of new enterprises and change the attitude of young people from one of seeking to be employees to one of aspiring to owning businesses,” Mr Somdy said.

According to a survey in 2006, Laos had a total of 127,000 enterprises, of which 99.8 percent of the figure were small and medium enterprises. “This figure compares to 2 percent of the population, which means it is low when compared to other countries in the region and the world,” he noted.

Minister of Industry and Commerce, Dr Nam Viyaket, also said that it was good project for creating more enterprise units in Laos because many people always think of difficulties and risks when it comes to business operations.

“I positively think the numbers of enterprises will be increased after the project is officially launched. Thanks to the cooperation of both the public and private sectors for teaming up to create new young entrepreneurs,” he said.

He said running a private enterprise is not difficult at all when entrepreneurs have been properly trained and equipped with the necessary skills in busi ness operations.

In its 2011-15 development plan, the government targets the growth of small and medium enterprises at 13 percent per annum while produce output by small and medium enterprises should grow by15 percent per annum.

If these figures are achieved, it should stimulate employment growth at10 percent annually.

Tertiary students who wish to submit applications for funding under the project should have completed at least three years tertiary study at colleges or universities.

Meanwhile, students of vocational schools will be able to submit application forms from their first year of study while other interested people should be under 35 years old.

Submissions for funds can be made at the the Small and Medium Enterprises Promotion and Development Department under the Ministry of Industry and Commerce.