Korean Business Centre opens in Vientiane

The Korean Trade-Investment Promotion Agency (KOTRA) has opened an office in Vientiane, aiming to boost economic cooperation between Laos and the Republic of Korea.

The Korean agency yesterday held an official ceremony to mark the opening of the Korean Business Center as a place where Korean firms can get consultation on investment and business opportunities in Laos.

The center is located in the Kolao Tower II in Xaysettha district.

Minister of Industry and Commerce Dr Nam Vinhaket and Minister of Planning and Investment Somdy Duangdy attended the event along with the Ambassador of the Republic of Korea to Laos Lee Gun-Tae, KOTRA President Hong Suk Woo, and a number of Korean business operators.

Speaking at the opening ceremony, Mr Hong Suk Woo said the Korean Business Center would not only boost investment and trade cooperation between Laos and the Republic of Korea but would also enhance relations between the two nations.

The center, which will operate under the umbrella of the Embassy of the Republic of Korea to Laos, will provide investment and business information on Laos as well as helping investors to run a business in the country.

“Laos has an advantageous geographical location with Mekong running through it, which is the artery of Indochina. The country also has plenty of natural resources such as copper and other mined materials but, unfortunately, Korean firms are mostly unaware of this. Therefore it is a good time to open a Korean Business Center here,” Mr Hong Suk Woo said.

Dr Nam and Mr Somdy said they warmly welcomed the center and hoped the Korean agency would work to enhance trade and investment between Korea and Laos.

They were confident that Korean investment and the number of Korean owned businesses operating in Laos would continue to grow in the coming years, and said it was government policy to boost foreign investment in Laos.

According to the two ministers, there are about 200 Korean investment projects in Laos with a total investment value of US$631 million. Trade between Laos and Korea has grown rapidly over the past few years.

Laos has become a new market for Korean products, mostly vehicles and electronic equipment. Korean firms are now trying to expand into the Lao cosmetics market. One of the main driving forces boosting the demand for Korean products in Laos is Korean soap operas, which are popular with Lao viewers.

The Korean Trade-Investment Promotion Agency was established in 1962 as a national trade promotion organization.

The agency has successfully facilitated Korea’s rapid export-led economic development through various trade promotion activities such as overseas market surveys and business matchmaking.

As of 2008, Korean Trade Centers were operating in 68 countries.

Source: Vientiane Times