Lao MSMEs accessing information for Covid-19 recovery 

Some 16,000 owners of micro, small and medium-sized enterprises (MSMEs) accessed reliable information, advice and tools related to business recovery following the Covid-19 crisis, according to a new report.
The management team of the “Supporting Resilience of Lao MSMEs in Response to Covid-19 Project” told a meeting yesterday that more than 500 MSME owners (60 percent of them women) accessed Business Development Services utilising the International Labour Organisation’s (ILO) activity-based approach.

(From left) the Executive Vice President of LNCCI, Mr Daovone Phachanthavong, the Deputy Director General of the SMEs Promotion De

More than 15 partnerships were leveraged for MSME resilience and growth since the implementation of the project began 18 months ago in April last year.
The MSME sector in Laos constitutes the backbone for job creation, accounting for more than 80 percent of employment in the country.
The sector was severely impacted by the Covid-19 crisis, mainly due to the nationwide lockdown imposed by the government to mitigate the impact of the pandemic.
However, it is believed the MSME sector played a vital role in responding to the Covid-19 crisis and in driving sustainable and resilient recovery, especially when assisted with timely backing.
As part of an immediate response to the Covid-19 outbreak, the ILO launched the Supporting Resilience of Lao MSMEs in Response to Covid-19 Project in April 2021 with funding from the Swiss Agency for Development and Cooperation (SDC).
The project is being implemented in partnership with the Lao National Chamber of Commerce and Industry (LNCCI), with the Ministry of Industry and Commerce providing policy and guidance.
The project is aimed at supporting MSMEs in Laos owned by both men and women to become more sustainable and resilient, and to generate economic and decent employment opportunities, thus contributing to the country’s recovery from the pandemic.
The project has achieved its goals by working with financial institutions and other partners to support formal and informal MSMEs in accessing cash, credit and other financial services.
It also supported efforts to provide continued and reliable information related to Covid-19 support measures, contributing to a better environment for entrepreneurship development and MSMEs.
In addition, it enabled the delivery of business development services to MSMEs and aspiring entrepreneurs, including those in the informal sector, to build business and financial management skills, increase financial literacy, promote entrepreneurship, and stimulate innovative and sustainable business ideas.
The final meeting of the Project Advisory Committee (PAC) yesterday summarised the final project report, independent project and recommendations for access to finance.
Representatives from relevant ministries, private sector, SDC, ILO business development providers (BDSs) and other guests attended the meeting.
The PAC was formed with representatives from LNCCI, a provincial representative of LNCCI (Luang Prabang CCI), ILO, BDSs, Ministry of Industry of Commerce, Ministry of Labour and Social Welfare, Ministry of Planning and Investment, Lao Federation of Trade Unions, and business associations nominated by LNCCI.

By Times Reporters
(Latest Update July 28, 2022)