Korean companies seeks business partners in Laos
Korean companies seeks business partners in Laos
Representatives from nine Korean companies visited Laos yesterday to seek business partners at the Daejeon Trade Mission 2016 held at the Lao Plaza Hotel in Vientiane.
The trade mission was organised by the Korea Trade Investment Promotion Agency (KOTRA), the commercial section of the Embassy of the Republic of Korea to Laos.
The trade mission is held about four to six times a year to facilitate international trade between the Republic of Korea and Laos. Through this event, Korean SMEs and Lao buyers can meet and have one-on-one consultations to help them form a potential business partnership.
The nine participating Korean companies had come from Daejeon, one of the largest cities in Korea. They introduced a wide variety of high-quality products including reagents for molecular biology, renewable energy multiple interactive power supply systems, safety helmets, cosmetics, air purifier sterilisers, a UV coating automated system, and an overhead barcode scanner.
Some 30 Lao importers and retailers attended the event to seek new business opportunities. They examined the sample products provided by the Korean companies and had consultations to see if they could successfully establish a future business partnership.
According to KOTRA, Laos is becoming increasingly popular among Korean companies as it has become an attractive market because of its high economic growth rate.
While Laos and the Republic of Korea have continued to develop a valuable economic relationship regarding trade and investment, the Daejeon Trade Mission 2016 is thought to be a good example of an event that promotes such beneficial cooperation.
The economic and trade cooperation between the Laos and the Republic of Korea has been expanding. The Republic of Korea is ranked the fifth largest foreign investor in Laos with the total value of investment amounting to more than US$700 million.
Some 100 Korean businesses are currently operating in Laos with the value of two-way trade reached US$197 million in 2015.
In 2015 the number of businesspeople and tourists coming to Laos from the Republic of Korea rose to 160,000 after the two nations began operating direct flights between each other's main airports in 2012.
