Minister of Industry and Commerce visits SMEs that received support from the government’s SME Promotion Fund to review their operations.

Minister of Industry and Commerce visits SMEs that received support from the government’s SME Promotion Fund to review their operations.

Officials from the Ministry of Industry and Commerce (MoIC) and other sectors on Tuesday visited three business units in Vientiane that received support from the government’s SME Promotion Fund to review their operations.

Funds from the scheme were recently allocated to several partner banks in Laos in order to build business capacity and to promote MSMEs, SMEs and new start-ups.

The Minister of Industry and Commerce, Dr Khampheng Saysompheng, led the delegation that visited three SMEs in Vientiane. The delegation included officials and bank representatives.

The visits to the SMEs units were aimed at inspecting their operations and encouraging the business sector amid the unprecedented crisis caused by the Covid-19 pandemic. The visits were also aimed at promoting the processing industry as part of the government’s agenda for overcoming economic and financial difficulties.

1. The delegation visited Kongxeng Handicraft Factory in Huayhong village of Chanthabouly district, which received a total of 900 million kip from the scheme through a low-interest loan.
2. The delegation also went to an ice-cream factory owned by Mr Anan Thongsavath at Donnoun village in Xaythany district. His business received 2.5 billion kip from the SME promotion project.
3. Lastly, the delegation went to Souksamlan Farm, which breeds earthworms for organic fertilizers and received 500 million kip from the scheme.

During the visits to the business units, Dr Khampheng lauded the operators for their patience in adjusting to the tough challenges brought on by the Covid-19 crisis.

At the same time, he instructed the ministry and relevant departments to provide businesses with technical advice to ensure they can access available funds.

In 2020 and 2021, the government allocated 300 billion kip for the SME Promotion Fund through different public and private commercial banks.
A total of 281 billion kip was loaned to SMEs in four priority sectors, including agricultural processing, handicrafts, agriculture and animal breeding, and tourism.

Source: Vientiane Times