Elevating Level of Laos-Korea Investment Cooperation

 Laos and Korea organized a Laos-Korea Development Cooperation Forum 2012 in Vientiane Capital to encourage investments between two countries in December 13, 2012.

The forum was hosted by Korean Trade-Investment Agency (KOTRA) and Ministry of Knowledge and Economy (Republic of Korea) in cooperation with Ministry of Planning and Investment (Laos).

 

Deputy Minister of Planning and Investment, Mr. Somchith delivered a speech to open the forum at Lao Plaza hotel.

"Laos and R.Korea has established a closed cooperation and the two countries have frequently exchanged their visits. In July 2012, the Prime Minister of Laos made a remarkable trip to Seoul to promote foreign direct investment and it was warmly welcomed by Korean businesses "Mr. Somchith said.

He continued that he hoped two business communities of Laos and R.Korea would seize this platform and the Lao government would continue to build on this impressively constructive cooperation to further strength our partnership between Ministry of Planning and Investment (Laos) and the Korean Trade-Investment Center (KOTRA).

Mr. Somchith expressed gratitude to the KOTRA and the Ministry Knowledge and Economy of R.Korea for the constant support the cooperation between two countries.

Director of Ministry of Knowledge Economy, Mr. Kim Chang-Gyu, said: “Laos has just opened their economy in last few decades, yet Laos has proved other countries for their capable in hosting ASEM in this November and will become a member of WTO in the early of next year, alongside with developing several legal frameworks to create enabling friendly investment environment.”

Executive Vice-President of KOTRA, Mr. Bae Chang-Heon said. “Laos has targeted R.Korea as source of investments. In July, 2012, the Prime Minister of Laos and accompany with over 60 officials and business leaders joined Lao Investment seminar in at KOTRA Headquater in Seoul. In return in this December, KOTRA has brought over 18 Korean firms to Vientiane capital for seeking the business opportunity and expand their business operation.”

The forum was followed presentations about Investment Policy of Laos by Laos Ministry of Planning and Investment (Laos), Rule and Regulation for Enterprise Registration by Laos Ministry of Industry and Commerce, Industrial Development of Korea: Light and HCI by Korea Institute for Industrial Economics and Trade, Korea’s ODA Policy in Laos by KOICA, Korea-Laos Electric Power Projects by Korea Western Power Corporation,  and the forum was closed by the presentation on the Cooperation between Korea and Laos by National IT Industry Promotion Agency.

KOTRA mission to Laos was from December 12-15, 2012, apart from the above forum Korean delegates had courtesy calls the Prime Minister of Laos, Mr. Thongsing Thammavong and the Minister of Planning and Investment, Mr. Somdy Duangdy in the afternoon of December 13, 2012.

KOTRA was established in 1962 as a national trade promotion organization. Since then, it has facilitated Korea's rapid export-led economic development through various trade promotion activities such as overseas market surveys and business matchmaking. In August 1995, cross-border investment promotion and support for technological and industrial cooperation projects was added to KOTRA's mandate, and it was renamed to Korea Trade-Investment Promotion Agency. In order to execute its mandates more efficiently, KOTRA has opened an extensive worldwide network of overseas Korea Trade Centers (KTC). Today, KOTRA maintains more than 113 Korean Business Centers in 78 countries in the world and nearly 13 offices in Korea. KOTRA was just established their office in Vientiane Capital in October 2011.

 

 

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Last update: 11 April 2017.