Public, private sectors need to work together to overcome challenges: PM

Prime Minister Phankham Viphavanh has called on the public and private sectors to strengthen their collaboration in order to overcome the challenges posed by the Covid crisis and accelerate economic recovery.
Mr Phankham made the call when addressing a meeting of cabinet members and leading business operators in Vientiane on Friday.
The two-day meeting was attended by deputy prime ministers, ministers, business leaders and representatives of Party and State bodies.
“We need to capitalise on the potential and opportunities offered by the Laos-China railway and expressway in order to develop logistics, services and tourism and integrate our economy with others in the region,” Mr Phankham said. “The public and private sectors cannot act independently. They need to be stakeholders and

partners to jointly develop Laos and alleviate people’s poverty.”   
Mr Phankham said State entities should formulate policies and mechanisms that facilitate the growth of businesses, enabling them to access capital to boost productivity so they can produce more goods for export and improve services.
The growth of the business sector can transform Laos from being a net importer to a country that produces goods for both domestic consumption and export, he added. The premier urged all sectors to turn crisis into opportunity by looking at ways to fully benefit from improved connectivity now that the Laos-China railway is operational.
Businesses were also urged to contribute financing and knowhow to help the government revitalise the economy.
The prime minister said business operators should review their operations and learn how to introduce changes to make them more productive.
Operators need to become professional and make more use of modern technology to improve the quality of their products while taking on partners so they can further grow their businesses.
The meeting of government officials and business operators is seen as significant because it allows entrepreneurs to inform the government about the challenges that hinder their operations. The exchange will give State bodies greater insight into the bureaucratic issues that slow the progress of businesses and prompt discussion on ways to assist them.
It is hoped that the talks will result in the removal of red tape so that more businesses can produce more goods for export.
The talks took place as the government strives to address the economic and financial difficulties triggered by the Covid-19 crisis.
During the meeting, government and business leaders discussed six main issues, namely improvement of the one-stop service for investors, commercial agricultural production, strengthening of the processing industry for supply to the domestic market and export, promotion of projects associated with the service sector and income generation, allocation of land along the Laos-China railway for the development of agriculture, industry and services, and labour skill development and the creation of more job opportunities.

By Somsack Pongkhao
 (Latest Update December 20, 2021)