Lao Start Up Fest to be Hosted in December

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Lao Startup Fest organizers at a press conference.

The 3rd edition of Lao Startup Fest 2022 will be held between 16-18 December, with the aim of improving the development of micro-, small- and medium-sized enterprises.

The Department of Small and Medium enterprises (SME) will organize the event, working under the Ministry of Industry and Commerce and the Lao ICT Commerce Association (LICA). World Bank and the USAID Lao Business Environment Project will be supporting the event as well.

The program will see an exhibition of products and services from different startups, a platform to communicate different public sector policies and exchange lessons from startup entrepreneurs from home and abroad, and the Lao Startup Award competition.

Deputy Director of the SME Promotion Department, Mr Saleumxay Liemphy, said that the event will be significant in driving the development plans of medium-sized enterprises until 2025, as approved by the Prime Minister in June this year under the SME Promotion Law.

The conference promises to carry out the national agenda on finding a solution to the economic and financial difficulties of the government along with providing opportunities for startup businesses and new business initiatives to approach both local and foreign markets.

He also noted that the event would increase the awareness of the relevant laws and regulation among operators of various startup businesses.

The Lao Startup Fest 2022 supports the government’s aim to encourage the progress of startup businesses and wants to organize the conference annually.

Entrepreneurship has seen an yearly growth rate increase by 7 percent, especially in the startup industry.