Vientiane Capital – On November 5, 2021, the Department of Small and Medium Enterprise Promotion (DOSMEP) of the Ministry of Industry and Commerce (MOIC) and the United States Agency for International Development (USAID) through the Laos Business Environment Project launched the Laos Business Ecosystem Partnership Fund (LBEPF) supported by the United States, through the U.S. Agency for International Development (USAID).
LBEPF will support Small and Medium Enterprises (SMEs) to be more competitive and expand their businesses in domestic, regional, and international markets. This will be achieved through partnership agreements with business development service providers, business associations, and vocational institutions. These partners will assist SMEs with increasing their domestic sales and export capacity as well as help improve management practices, technology usage, and service delivery.
The event was co-chaired by Mr. Sa Siriphong, Acting Director General of Department of Small and Medium Enterprise Promotion, and Mr. Michael Ronning, USAID Country Representative to Lao PDR and witnessed by government officials, as well as representatives from the Lao National Chamber of Commerce and Industry and businesses.
“The government of Laos has utilized different approaches and tools to support and improve the competitiveness of SMEs, especially in the midst of the COVID-19 pandemic. The grant is another tool focusing on strengthening capacity, skills, and quality of products and services of Business Development Service Providers so that they can help SMEs improve their management and operation systems, business innovation, and sales and marketing promotion and expansion,” said Mr. Sa Siriphong.
“The United States is pleased to support Lao SMEs through the Laos Business Ecosystem Partnership Fund, especially during and after COVID-19,” said Mr. Michael Ronning. “We are committed to partnering with Lao SMEs to mitigate and recover from the adverse economic impact of COVID-19 and supporting the Government of Laos to build back and progress beyond the pandemic.”
Since the inception of the U.S. – Lao Comprehensive Partnership in 2016, USAID has increased its assistance to support the Government of Laos to improve the climate for investment and trade, enhance the competitiveness of Small Medium Enterprises (SMEs), strengthen governance and the rule of law, promote inclusive education, and advance health and education outcomes for the Lao people. All of this assistance encourages sustainable and inclusive development, market-driven growth, supports economic independence and integration with ASEAN, and helps Lao PDR achieve its national development goals.
USAID