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Lao SMEs Need Innovation to Grow: Korean Experts
Source: laovoices.com
Source Date: Tuesday, October 25, 2011
Focus: Institution and HR Management
Country: Lao People's Democratic Republic
Created: Oct 31, 2011

The development of small and medium sized enterprises (SMEs) requires not only raw materials, labour and capital but also innovation, a business researcher from the Republic of Korea has said.

Korean Productivity Centre Chairman and CEO Mr Choi Kyu made the comment in Vientiane on Friday after joining with Deputy Minister of Industry and Commerce Mr Siaosavat Savengseuksa to preside over the opening ceremony of a seminar on productivity.

The seminar at the Lao Economic Trade Research Institute aimed to provide an opportunity for SME officials and entrepreneurs to learn experiences and lessons from Korean experts on how to encourage innovation in new enterprises so they can maximise outputs.

About 20 industry and trade officials and entrepreneurs attended the Korean Productivity Centre sponsored event.

Korea is one of the most successful industrial nations in the world. Korean operations are expanding globally, including in Laos, after business leaders learnt about the investment and business potential of the landlocked nation.

The Korean Productivity Centre was established in 1957 as a non profit organisation. The organisation provides training and consultancy services to Korean businesses so they can identify ways to maximise their output.

Mr Kyu said the Centre expected to see productivity growth in Laos – one of the main requirements to ensure sustainable economic growth. He expressed confidence Laos will be able to develop on a path towards prosperity.

In his presentation, Mr Kyu said productivity plays an important role in ensuring maximum output amid shortages of inputs or resources. The concept of productivity took shape in the mid 18th century amid concerns over rising population growth and limited resources, which it was realised would negatively affect the wellbeing of mankind.

Enhanced productivity creates jobs, leads to higher wages and boosts economic growth, competitiveness and consumption, he said.

Mr Kyu also talked about human centred productivity, saying greater freedom among employees will enable them to maximise creativity and innovation, which is necessary for business success and sustainable growth.

He said the development of human resources also plays an important role in enhancing the capacity of employees to maximise creativity and innovation in the workplace.

SME Office Deputy Director Mr Soutchay Sisouvong said the government has adopted a similar policy and is prioritising human resource development as one of its ‘breakthrough’ approaches to development over the next five years.
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