Korean companies seek trade partners in Laos

LAO PDR (Vientiane Times) - Representatives of 14 companies from Jeonnam in South Korea met Lao entrepreneurs yesterday to discuss opportunities for business cooperation and expansion.

Mr Shin Sung Soon meets representatives of Korean companies.

The meeting with the Jeonnam Trade Mission was organised at the Crowne Plaza in Vientiane by the Korea Trade Investment Promotion Agency (KOTRA) and the Commercial Section of the Embassy of the Republic of Korea. The South Korean Ambassador to Laos, Mr Shin Sung Soon, and the Director of KOTRA, Mr Park Chang Eun, attended the event.

Representatives from Fromwell Company, Haesong Food Co Ltd, Mosiall Co Ltd, Marine Techno Inc Co Ltd, DaeDaeRoJindo Hongju Company, Hyunnong Co Ltd, Gavo Farms Co Ltd, Good F&B Company, Youmeone Company, SFC Co Ltd, Union Co Ltd, Kyunghyang Cell Co Ltd and Bosung Polytech Co Ltd introduced their products such as sauces, cakes, seaweed, collagen cream, traditional wine, honey and ginger tea, fruits, jelly drinks, soybean milk, powdered tea, wax, copolymer, and tubes.

This was the second such event organised this year by South Korea, which usually holds four to six events a year to promote and facilitate trade and investment between the two countries. “This event will give Korean and Lao business operators a chance to meet and negotiate for potential business partnerships,” said Mr Park Chang Eun.

In 2018, trade between Laos and South Korea touched US$69.6 million, including US$4.5 million worth of exports and US$65.1 million in imports, according to the Ministry of Industry and Commerce. This year, Laos has set a trade target of US$85.9 million, of which US$4.9 million is exports and US$81 million imports.

Compared to the trade between the two sides in 2017, this figure is higher. According to statistics from the South Korean Embassy, following the re-establishment of diplomatic relations in 1995, the two countries have continued to deepen cooperation in a range of areas.

In the field of economics,South Korea and Laos have witnessed a significant increase in bilateral trade. Starting from just US$10 million in 1996, the trade volume surged in subsequent years. In terms of foreign direct investment, South Korea invested as much as US$751 million from 1989 to 2015.