Laos, South Korea boost investment cooperation
Laos, South Korea boost investment cooperation
Laos and the Republic of Korea have agreed to enhance trade and investment promotion and cooperation as well as economic development between the two countries.
The Ministry of Planning and Investment of Laos and the Korea Trade Investment Promotion Agency (KOTRA) of the Republic of Korea yesterday signed a Memorandum of Understanding (MoU) on cooperation in investment promotion between the two nations.
The MoU was signed during the Lao-Korea Business Partnership 2016 in Vientiane yesterday by Minister of Planning and Investment Dr Souphan Keomixay and President and CEO of KOTRA Republic of Korea Dr Jae Hong Kim.
The Lao-Korea Business Partnership 2016 was organised by KOTRA, with participation of 50 various companies from the South Korea.
Kotra Vientiane is the commercial section of the Embassy of the Republic of Korea to Laos.
It supports overseas expansion and substantial trade for both Korean and Lao companies.
Kotra is also a Korean business centre, where Korean firms consult on investment and business opportunities in Laos.
The agency serves to boost investment and trade cooperation between Laos and the Republic of Korea. It also enhances relations between the two nations.
The MoU aims at establishing, developing and strengthening cooperation between the two parties in accordance with their respective national legislation and international agreements.
Laos and the Republic of Korea have continued to expand mutually beneficial economic cooperation with trade and investment between the two countries steadily increasing, according to the Lao National Chamber of Commerce and Industry.
Lao exports to the Republic of Korea in 2015 were valued at US$22.9 million, an increase of 52.5 percent compared to 2014. The main exports included potassium fertilisers, 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.
Meanwhile, Korea Trade-Investment Promotion Agency reported recently there were more than 100 Korean companies each year seeking business p artners in Laos.
The Korean Statistical Information Service reported in 2015 that Republic of Korea 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.
