Korean cosmetic firms seeking Lao market share
Korean cosmetic firms seeking Lao market share
Korean cosmetic companies are very keen to extend their market reach to supply customer demand in Laos, according to an official.
Director of KOTRA Vientiane, Commercial Section o f the Embassy of Republic of Korea to Laos, Mr Oh-Hyoung Kwon made the comment on Friday during a trade event which saw more than 30 beauty and health food companies promote their products and seek business partnerships in Laos.
Well-known cosmetic bands from other countries, especially Thailand, are already popular with local consumers but they still don't know much about Korean beauty products, so the event gave Korean businesses the chance to connect with customers and expand into the Lao market.
Mr Oh-Hyoung Kwon explained the Korea Trade Promotion Corporation (KOTRA) had been assisting Korean companies to enter the Lao market since 2012 and investment has increased each year.
KOTRA has arranged various exhibitions and activities, aimed to promote Korean products to Lao people.
While food, consumer electronics and cars from the Republic of Korea are now widely accepted by local consumers, Korean cosmetics and health products have only been attracting interest in recent years. However, Korean firms believe there is substantial potential in developing products such as skin creams and makeup for Lao customers.
Korean TV series and culture are set to play a part in the promotions to encourage Lao people to use more cosmetic products.
The Republic of Korea is the sixth ranked country for investing in Laos, with some 257 projects that have a combined investment value of US$800 million. Trade volumes between the two countries reached US$199 million last year, with Lao exports to Korea valued at US$12 million and imports from the republic at US$187 million, according to the Ministry of Industry and Commerce.
Imports from the Republic of Korea have grown exponentially in recent years, on the back of growing demand for cars, electronic devices such as smartphones and household appliances.
