Laos, Korea expand economic cooperation
Laos, Korea expand economic cooperation
Laos and the Republic of Korea have agreed to continue expanding mutually beneficial economic cooperation, after trade and investment between the two countries has steadily increased.
Lao National Chamber of Commerce and Industry (LNCCI) and Korea Chamber of Commerce and Industry (KCCI) yesterday signed a Memorandum of Understanding (MoU) in Vientiane.
The MoU was signed by President of LNCCI, Mr Oudet Souvannavong and the Executive Vice Chairman of KCCI Mr Dong-Geun Lee, and aims to establish a general framework of cooperation between the two chambers to further promote economic relations between Laos and Korea.
Under the MOU both parties have agreed to regularly exchange market information, business opportunities and economic delegations for promotion of trade, investment and commercial exchange between the two countries.
The two chambers will also expand cooperation among entrepreneurs and organisations in terms of their membership.
The MoU agreed to cooperate in enhancing competences and capabilities of Small –Medium Enterprises of both nations and encouraging them to move into each market.
Presently, there are four airlines with direct flights between Vientiane and Seoul: Lao Airlines, Jin Air, Korean Air and T'way Airlines, creating more convenience for cooperating and further expanding trade and tourism between two countries.
Meanwhile, Korea Trade-Investment Promotion Agency reported recently there were more than 100 Korean companies each year seeking business partners in Laos.
The Korean Statistical Information Service reported in 2015 that the Republic of Korean exports to Laos, valued at US$170 million, increased by 9.2 percent compared to 2014.
The main exports included passenger vehicles, trucks, motors, automobile parts, and construction equipment.
Lao exports to Republic of Korean in 2015 were valued at US$22.9 million, an increase of 52.5 percent compared to 2014. The main exports included potassium fertilizers, coffee, lead bullion and scrap, fabric and vegetable ingredients for oriental medicines.
The Republic of Korea is the fourth ranked country for investment in Laos, with some 257 projects having a combined value of US$800 million. Trade volumes between the two countries reached US$199 million last year, according to the Ministry of Industry and Commerce.
