VIENTIANE, 24 June 2024 – Under Lao PDR’s ASEAN Chairmanship, the Ministry of Industry and Commerce of Lao PDR invited ASEAN and its partners to celebrate the resilience and innovation of micro, small and medium enterprises (MSMEs) and chart the course for their sustainable future. The event was attended by around 100 onsite and online participants from the public sector, business and industry associations, financial institutions, impact investors, academia and development organisations.
MSMEs have long been recognised as the backbone of economies worldwide, contributing significantly to employment, income generation, digitalisation, and economic growth. The event, themed “Fostering Innovation and Resilience: Empowering MSMEs for a Sustainable Future,” drew attention to the indispensable contributions of MSMEs to socio-economic development and underscored their pivotal role in achieving the ASEAN Economic Community and Sustainable Development Goals 2030.
In his opening remarks, H.E. Bountheung Douangsavanh, Deputy Minister of Industry and Commerce of Lao PDR, emphasised the crucial role of MSMEs as the backbone of the economy and stressed the need for adaptability and resilience to face future challenges:
“Post-COVID-19, MSMEs have embraced digitalisation to survive and recover. Despite progress, MSMEs face rising energy prices, geopolitical issues, and supply chain disruptions. We will discuss these challenges and opportunities in today’s event through sharing experiences and showcasing success stories that offer valuable insights for MSMEs.”
Ms. Joanne Tan, Chair of the ASEAN Coordinating Committee on Micro, Small and Medium Enterprises (ACCMSME), further stressed the importance of collaborative efforts in preparing MSMEs to compete globally: “MSMEs are key agents of change in promoting technological advancements and sustainable business practices. ASEAN stays ever committed to empowering MSMEs and helping them unlock their fullest potential and thrive in the global landscape.”
In line with the ASEAN-Germany Development Partnership: Practical Cooperation Areas (2023–2027), the German Embassy in Vientiane reaffirmed its continued support for MSMEs in ASEAN, particularly in Laos. Mr Ulrich Geringer, Head of Cooperation Development German Embassy Vientiane, stated: “We support the implementation of the Lao National Portal and ASEAN Access, the regional portal aggregating strong business networks across borders and beyond ASEAN. Through this partnership and various initiatives, we are committed to developing and sustaining MSMEs in Laos.”
H.E. Satvinder Singh, Deputy Secretary-General of ASEAN for ASEAN Economic Community, delivered the keynote speech and outlined ASEAN priorities in fostering a conducive environment for businesses to thrive amidst the evolving regional and international economy.Against the backdrop of the upcoming post-2025 ASEAN agenda, he highlighted that ASEAN is accelerating the transition to digital and sustainable economies. In this twin transition, strengthened collaboration and partnerships are critical to support MSMEs, as new drivers of growth, in reorienting their business models and practices.
“ASEAN strives to create a conducive business environment for regional economic integration. I am thrilled to see the continued impact of ASEAN Access in breaking down informational barriers for MSMEs and facilitating their entry into the global market. Expanding the ASEAN Single Window and implementing the ASEAN Unique Business Identification Numbers (UBIN) are among key steps towards a safer and more efficient digital economy. These initiatives lay a solid foundation for seamless cross-border trade for MSMEs.”
The one-day hybrid event featured dynamic panel discussions on “E-commerce and Digital Marketing for MSMEs” and “Building Resilience in a Changing Global Landscape – Supply Chain Disruption Impact on MSMEs.” Experts from the private and public sectors across ASEAN, including Thipphaphone Phetmany from Enterprise and Development Consultants Company, Laos and a representative from the ASEAN Secretariat, facilitated the discussions which centered on coping strategies and support structures that enable MSME participation in global value and supply chains, even in the face of external shocks or crises.
Local MSMEs and businesses from ASEAN Member States also showcased their innovative products, services and entrepreneurial achievements during the “Success Stories from MSMEs” session. Their insights and practical recommendations benefitted other aspiring MSMEs.
The celebration of International MSME Day 2024 is a landmark event uniting stakeholders from across ASEAN in supporting MSMEs. Lao PDR hosted the regional convention in collaboration with the World Bank and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) through the project “Strengthening Regional Structures for Small and Medium Enterprise Promotion in ASEAN II” funded by the German government.
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