Korean products seek a Lao market
Korean products seek a Lao market
Quality processed foods, general consumer goods and organic cosmetic products are seeking a market here and are looking for importers, according to a trade promotion official.
Assistant Manager of the Korea Business Centre (Kotra) of the Embassy of the Republic of Korea in Laos, Ms Visouda Ladsavong, told Vientiane Times that many Korean producers of consumer products, cosmetics, food and construction materials are interested in the Lao market.
Kotra is working as a coordinator to assist Lao buyers and Korean manufacturers to get together for business cooperation.
The 2015 Chungnam Trade Delegation was welcomed yesterday by Kotra, who made arrangements to put the Korean producers and Lao buyers together to see if they could match their business connectivity.
“We organise this kind of trade mission around three to four times a year to allow the producers and buyers to meet for business discussion,” Ms Visouda said, saying that the discussions pave the way for a positive outcome.
She also said that Korean producers are now aware of the integration of the Asean Economic Community by the end of this year.
“This is also a reason why many Korean producers of consumer goods are looking for markets in the region,” Ms Visouda said.
She also revealed that Lao products will be on display in Seoul, Korea in a couple of months, including coffee, processed fruits and honey.
Korean Ambassador to Laos, Mr Kim Soo-Gwon paid a swift visit to the event and gave an address in which he encouraged business connections between the two sides.
One of the Korean cosmetic producers and exporters, COTDE Inc, has already exported products here where they have been selling in the Talat Sao Shopping Mall for over two months.
“Our products are already available in Lao markets but this sometimes needs to be recognised by local buyers,” a company representative said.
He said most of their products are cosmetics and skin care which are already well-known in Thailand and Singapore.
At yesterday's trade mission gathering a total of five Korean companies were present, COTDE Inc, U Cell Co., Ltd, FNBio, Fine Food Tech Co., Ltd and Beaver Co., Ltd.
According to a recent report, bilateral trade between the two countries is currently worth over US$800 million, while the value of Korean investment in Laos is worth over US$250 million.
Mining and hydropower are the most attractive industries to Korean investors in Laos.
