Agricultural development required to access Korean market
Agricultural development required to access Korean market
More than 70 percent of the Lao population depends on agriculture but only around 20 percent of the sector contributes to Gross Domestic Product (GDP).
The government is always willing to promote the quality of agricultural products up to the standards required to access the international market.
The Asean Korea Centre and the Embassy of the Republic of Korea worked in cooperation with the Trade and Product Promotion Department of the Ministry of Industry and Commerce to host a seminar on the issue yesterday in Vientiane.
Specifically, the seminar focused on the development of Lao agricultural products and the standards required to access and attract interest from the Korean market.
Among those participating were representatives from the government, private enterprise and agricultural producers.
The seminar was an important and useful event for Lao business units to develop their products for sale, Office Head of the Ministry of Industry and Commerce, Mr Somvang Ninthavong said.
Through the seminar, participants were able to increase their knowledge on the development of agricultural products by learning from the Korean experts.
They discussed new techniques and approaches for improving the quality of their products for export to target markets especially the Korean market, he said.
The goal of Asean Korea Centre is seeking to help in developing and promoting the business sector in Asean countries to facilitate product access to the Korean market.
It is also seeking to facilitate opportunities for Asean businesses and Korean operators to share their respective experiences and explore opportunities for future cooperation.
Previously there have been various different meetings between Laos and Korea, aiming to promote trade between the two countries such as supporting the Asean business units attending the Korean trade fair.
Other seminars and training courses have also promoted skill development and knowledge exchange among the participating government organisations, private enterprises and producers.
When producers wish to sell their products in different locations and jurisdictions, they have to take into account the different regulations and requirements that must be complied with, particularly in relation to product quality and the accompanying documentation.
Laos and Korea established diplomatic relations in 1995, and since then trade value between the two nations has increased continually, reaching about US$ 175 million last year, according to the Secretary General of the Asean Korean Centre, Mr Hae Moon Chung.
Most of the Korean products imported to Laos include machinery, vehicles and electronic equipment. Meanwhile the Lao products exported to Korea are mostly minerals and timber products.
The Lao and Korean governments expect that the trade value between the two nations will continue to grow in the years ahead.
South Korea is currently Laos' fourth largest foreign investor behind Vietnam, Thailand and China with total investment value reaching US$260 million, Mr Chung said.
This seminar formed one of many trade promotion activities between Laos and Korea to increase the quality of Lao agricultural products and helped to boost the value of processed products and continue trade expansion.
