Korean business operators seek trade partners in Laos
Korean business operators seek trade partners in Laos
Company representatives from the Republic of Korea have met with Lao buyers to introduce new products and seek potential trade partners in Laos.
The meeting was held yesterday in Vientiane, with participation of representatives from 28 Lao companies and 10 Korean companies.
The event was a part of the Kyungbuk Trade Mission which was organised by the Korea Trade Investment Promotion Agency (KOTRA), the commercial section of the Embassy of the Republic of Korea to Laos.
During the event, both Korean and Lao companies carefully considered whether they could become business partners and or successfully introduce new products to the Lao market.
Various products were introduced at the venue, such as street lamps, solar street lights, LED lights, batteries, electronics, knitting needles and wet tissue.
This was the second business matching organised by KOTRA in 2017, who usually organise business matching in Laos four or five times a year.
Laos has rapidly developed its basic infrastructure especially road expansion, therefore KOTRA has brought companies to introduce their street lighting and electronic products to Lao buyers, Commercial Sector Assistant Manager Ms Souphaphone Keovanna said.
KOTRA will now organise another business matching in July, focusing on franchise businesses which will allow business operators from two sides to seek business partners under their franchises.
This mission aims to effectively promote bilateral trade and cooperation between the two countries as well, Ms Souphaphone added.
Laos and the Republic of Korea have continued to expand mutually beneficial economic cooperation with trade and investment between the two countries steadily increasing.
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, the Korea Trade-Investment Promotion Agency reported recently that there were more than 100 Korean companies each year seeking business partners 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 with main exports including passenger vehicles, trucks, motors, automobile parts, and construction equipment, electronics items.
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.
