US lends muscle to Laos women entreprenuers

THE Laos government is optimistic that US support for the establishment of the Women’s Entrepreneurial Centre Project through World Education will increase the number of female entrepreneurs in Laos.

A memorandum of understanding for the establishment of the Women’s Entrepreneurial Centre Project in Vientiane was signed on Friday by Country Director of World Education Colette McInerney and Vice President of the Lao National Chamber of Commerce and Industry Valy Vetsaphong.

Speaking at the signing ceremony, Valy expressed her gratitude, on behalf of the Lao female business community, for the chance to learn about business under the mentorship of experts in the field.

“The project will offer a great opportunity for women entrepreneurs to exchange information about doing business, capacity building, and business expansion,” she said.

McInerney said that strengthening entrepreneurship and small business growth was essential to the government’s plan to graduate from Least Developed Country status in 2020.

“While women play a pivotal role in driving social transformation and economic development, many women in Laos lack access to capital, networks and skills training,” McInerney said.

The new Centre would give women a space to create, innovate and sustain a business, she added.

The project aims to reach around 600 female entrepreneurs over a three year period and is funded by the US Department of State, East Asia Pacific Bureau.

The Centre will be a space for incubating new business ideas and supporting the growth of existing businesses.

It will meet the needs of women entrepreneurs by providing access to successful female business role models who will share their experiences and stories with aspiring entrepreneurs by holding regular talks.

At the same time, women will have access to the use of equipment and resources at the centre as well as receiving proper training in topics such as small business management, financial literacy, and website design.

In addition, they will have an opportunity to learn about ways access to finance from a range of financial service providers through the Lao Microfinance Association.

The signing ceremony was also witnessed by visiting US Secretary of Commerce Wilbur Ross, Deputy Minister of Industry and Commerce Somchit Inthamith, US Ambassador to Laos Rena Bitter, and the LNCCI’s Vice Executive President Daovone Phachanthavong.