Laos-Korea cooperate to boost economic development
Laos-Korea cooperate to boost economic development
The Republic of Korea continues to boost cooperation and assistance to Laos for socio-economic development contribution.
The first Laos and Republic of Korea finance ministers meeting was held in Vientiane on Friday between the Ministry of Finance of Laos, led by Minister of Finance, Mr Phouphet Khamphounvong and the Ministry of Strategy and Finance of Republic of Korea, led by Deputy Prime Minister and Minister of Strategy and Finance, Mr Oh-Seok Hyun.
At the meeting both sides evaluated that bilateral economic cooperation has continued to develop in various areas and agreed to further their partnership by continuously expanding economic cooperation between the two countries.
Both sides discussed ways to effectively provide US$200 million through the Economic Development Cooperation Fund (EDCF) from 2014 to 2017 in accordance with the Framew ork Arrangement on EDCF loans signed between the Lao government and Republic of Korea in November 2013.
Both sides also agreed to proactively cooperate with each other on identifying new projects that can contribute to implementing existing EDCF projects, development of the Lao economy and society, and establishment of infrastructure.
The Republic of Korea confirmed its support for a planned integrated irrigation agriculture and rural devel opment project in Savnannakhet province.
Both sides have also pledged to boost cooperation and assistance on stock market, electricity power and mining.
It is envisaged the cooperation and assistance of the Republic of Korea will help Laos meet the Millennium Development Goals in eradicating poverty by 2020.
From 2005, the Republic of Korea agreed to approve a low interest loan to Laos of about US$160 million to be implemented across nine projects in the areas of infrastructure, economic and rural development.
The assistance of the Republic of Korea helped to contribute to Laos' socio-economic development growth of 8 percent.
This first finance ministers meeting enhanced mutual understanding and cooperation between the two countries and will lay the foundation for expanding future cooperation.
vientiane times
