Businesses and enterprises from the public and private sector in Laos will need to learn more about the advantages of the value chain, business clusters and business matching at the regional and international levels.
These measures will form part of preparedness for the official onset of the Asean Econom ic Community in December this year, and increase the confidence of the Lao business sector that it can operate in the newly competitive environment.
This was the key message from Deputy Prime Minister and Minister of Foreign Affairs Thongloun Sisoulith at a scientific seminar on the Lao PDR’s preparedness for regional and international economic integration, which took place at Lao-ITECC shopping mall on Sunday.
The seminar was organised on the sidelines of the opening of the first Vientiane Expo to mark the 40th anniversary of Lao National Day and to disseminate the benefits and challenges of economic integration with the region and internationally.
“Regional and international integration will not only enable us to benefit from business integration but Laos will also seize assistance from developed countries, financial institutes and various international organisations, contributing to the rapid growth and socio economic development in Laos,” he said.
Mr Thongloun also said that the government is now working on improvements to the integration environment for business cooperation, trade and investment, aiming to ensure effective facilities and easy access to the procedures for business cooperation.
“We are now working on improving the relevant regulations, measures and necessary legal procedures to ensure it is associated with regional and international systems. By doing so, it will attract more domestic and international investors to invest in Laos,” Mr Thongloun said.
Under globalisation and international economic integration, the free flow of trade, services, investment and migration of capital and labour, we have provided opportunities for many countries to form groups for economic connectivity under the agreements such as free trade areas, which are now becoming a trend for today.
“As a result, international trade has become more competitive, which also creates opportunities and challenges for the growth of the Lao economy,” he said, saying that with the arrival of AEC integration at the end of this year, the Asean state members have already decreased the barriers to trade, concluded agreements on products and services and other relevant agreements.
Currently Laos is on track for a 93 percent reduction of the barriers to AEC integration, meanwhile the overall for Asean countries has been identified at 91 percent.
During the scientific seminar, Minister of Industry and Commerce, Ms Khemmani Pholsena, also highlighted several important issues to be discussed at the seminar as well as informing about Laos’ preparedness in various sectors for AEC integration.
In addition, Deputy Secretary General of the Association of South East A sian Nations (Asean), Dr Lim Hong Hin, also spoke about the 2015 AEC Blueprint and reviewed the measures for AEC integration and other issues.
Deputy Minister of Public Works and Transport, Mr Lattanamany Khounnivong, Deputy Minister of Agriculture and Forestry, Dr Phouangparisack Pravongviengkham, and Vice President of the Lao National Chamber of Commerce and Industry, Mr Oudet Souvannavong, also briefed on the nation’s preparedness in the relevant fields for AEC integration.
[Report by: Vientiane Time]
