MOIC and USAID Announce Additional Support to Boost Lao Small and Medium Enterprises at the 7th Project Review Committee Meeting of the USAID Laos Business Environment Project
Savannakhet, November 27, 2023 — Today, the United States Agency for International Development (USAID) announced an additional $2 million to extend the Laos Business Environment project’s period of performance and geographic area to Savannakhet Province to support more small and medium enterprises and businesses and boost private sector investment in Laos. The announcement was made at the 7th Project Review Committee Meeting of the USAID Laos Business Environment Project (LBE), hosted by the Ministry of Industry and Commerce (MOIC).
Minister Malaithong Kommasith, Minister of Industry and Commerce, and Mr. Michael Ronning, USAID Country Representative to Laos, co-chaired the meeting, attended by key technical government and private sector focal points, project counterparts, and development partners. The meeting focused on reviewing LBE’s progress for 2023 and discussing priorities for 2024.
USAID’s LBE project has contributed to Laos’ economic growth and development by achieving several key milestones. The project was finalized and received approval for the National Handicraft Branding guidelines from the Prime Minister’s Office, establishing a standardized framework for promoting Lao handicrafts. LBE helped pilot and launch the ASEAN Mentorship for Entrepreneurs Network program, which is providing valuable guidance and support to 27 promising SMEs across key sectors. The project also worked to foster collaboration among government agencies and local businesses through dissemination of the Local Public-Private Dialogue handbook nationwide, and played a crucial role in amending the Law on Intellectual Property to strengthen the legal framework for protecting intellectual property rights.
During his opening remarks, Minister Malaithong Kommasith stated that “the project has been making important contributions to the realization of our private sector development priorities, including strengthening SMEs competitiveness. Therefore, I would like to take this opportunity to express our sincere thanks to U.S. Government and USAID for its commitments to trade and private sector development in Laos, particularly for providing additional funding and support through the LBE.”
Mr. Ronning highlighted the expanding U.S.-Laos economic cooperation ties. “The Project has come a long way with achievements resulting from the support of the Ministry, and key public and private sector partners,” said Mr. Ronning. “2024 will be a crucial year for LBE to generate tangible and impactful results, building on the success of the previous years as well as government and private sector’s priorities.”
The USAID LBE 2023 progress report was presented by the project’s technical focal points, namely the MSME Promotion Agency; the Lao National Chamber of Commerce and Industry; and the Department of Trade Negotiation and Economic Cooperation. In addition, the 2024 work plan was presented during the meeting.
USAID’s LBE is a six-year project that aims to help the Lao government improve the climate for investment and trade and enhance the competitiveness of small and medium-sized businesses.
