Laos, Korea to enhance economic cooperation
Laos, Korea to enhance economic cooperation
From a poor country destroyed by war, the Republic of Korea has become one of the world's fastest-growing growing countries and is sharing lessons learned with Laos.
The Korea-Laos Development Cooperation Forum 2012 was held yesterday at the Lao Plaza Hotel in Vientiane to boost trade, investment and cooperation between Laos and Korea.
The forum was hosted by the Korea Business Centre called the Korea Trade Investment Promotion Agency (KOTRA) and was attended by Deputy Minister of Planning and Investment Mr Somchith Intamith, Executive Vice President of KOTRA Mr Bae Chang-Heon, Director General of the Ministry of Knowledge and Economy Mr Kim Chang-Gyu, and about 100 Lao and Korean business leaders and officials.
During the forum a video was shown explaining the development of Korea from a poor country reliant on foreign aid to a developed country giving out aid.
Mr Kim Chang-Gyu said Korea was once a poor war-torn nation, but with commitment and vision the country was able to remake itself.
“And we want to share that with Laos,” he said.
“Right now is a very good time for Laos, as it has recently hosted the ASEM Summit and was accepted as a WTO member. We should work together for a better future.”
Mr Somchith said Korea has made good progress in country development. “This is something that we can learn from and we are thankful for the support we receive from Korea.”
He spoke about the development process in Laos and the potential investment opportunities in the country.
“As Laos has improved and opened up, it has recently received a lot of foreign investment. Korea is currently the fourth-largest investor in Laos.”
“We are continuing to improve the investment climate in Laos to make it as friendly and convenient as possible,” Mr Somchith added.
During the forum, the participants learned about Laos' economic development and investment policy and the procedures involved in investment licence approval.
The Korean delegation explained the experience of economic growth in Korea, the economic cooperation plan with Laos, international development and business proposals in Korea, a Korea-Laos electricity cooperation plan, and IT industry growth.
KOTRA opened an office in Vientiane last year, aiming to boost economic cooperation between Laos and Korea.
Mr Bae Chang-Heon said “In July this year, more than 60 Lao business leaders and government participants attended the Lao Investment Briefing Session at KOTRA's headquarters in Seoul.”
In the afternoon, representatives from KOTRA and the Ministry of Knowledge and Economy visited Prime Minister Thongsing Thammavong and Minister of Planning and Investment Somdy Duangdy.
vientiane times
