Koreans explore investment opportunities in Laos
Koreans explore investment opportunities in Laos
Some 15 businessmen and experts from the Republic of Korea will undertake an investment and market research mission in Laos from January 28-30 in collaboration with the Ministry of Planning and Investment.
The delegation will visit various industrial sites in Vientiane, including the Lao Brewery Company, Special Economic Zone, the Kolao Group, and Charoen Pokphand, a senior ministry official said.
The Korean delegation will also meet with Lao businessmen and experts at the Investment Promotion Forum, to be held in Vientiane on Friday.
At the meeting, Korean businessmen and experts will learn about the current investment climate in the sectors of agricultural products, food processing and agricultural development.
The delegates will also be offered an opportunity to establish networks with business representatives and officials in Laos through a one-on-one business meeting.
In a message this week, the Secretary General of the Asean-Korea Centre, Mr Kim Young-sun, noted that Laos has maintained an annual growth rate of about 7 percent and has great potential thanks to its growing domestic market and young workforce.
Also, the Lao government provides special assistance to foreign companies investing in the development of agriculture.
“I hope this programme will be a stepping stone for Korean businessmen to further expand their businesses in Laos,” Mr Kim said.
He stressed the fact that Laos has developed its agricultural industry and has plenty of fertile land. More than 70 percent of people in Laos depend on agriculture for their livelihood.
Laos has underdeveloped infrastructure such as electricity and highways but more opportunities for Korean businessmen will be created as large-scale projects to enhance connectivity within Asean will get underway with the advent of the Asean Community this year.
The Lao government has also stated its intention to attract further foreign investment and has designated agriculture as a key sector for promotion.
Korea is currently Laos' fourth largest foreign investor behind Vietnam, Thailand and China. There are 291 Korean investment projects in the country with a total value of over US$785 million.
The majority of Korean investment projects are in the fields of hydropower and mining but there is increasing interest in the agriculture and industrial sectors.
The Korean delegates will then go on an investment and market research mission in Phnom Penh, Cambodia, in collaboration with the Council for the Development of Cambodia.
There, they will visit the Phnom Penh Special Economic Zone, the MH Bio-Energy, the Golden Rice Cambodia, and the CP Cambodia Pig Farm.
A similar forum will be held in Phnom Penh where Korean delegates and Cambodian businessmen will discuss information concerning investment, according to a statement from the Asean-Korea Centre.
