(KPL) Representatives of South Korean companies met Lao entrepreneurs in Vientiane on Sep 30 to discuss opportunities for business cooperation and connection.
The companies include ENTRA , NARAE Industry , DAEDO TEKRA , Exolube, DHC, Sunkyung Chemical and TAESUNG.
The meeting with the Ulju-GUN Trade Delegation 2019 was organised at the Lao Plaza in Vientiane Capital by the Korea Trade Investment Promotion Agency (KOTRA) and the Commercial Section of the Embassy of the Republic of Korea.
Ambassador of the Republic of Korea to Laos, Mr Shin Sung Soon, and KOTRA Director, Mr Park Chang Eun, also attended the event.
The purpose of the programme was to enable Korea small- and medium-sized enterprises to better exploit and expand the ASEAN market, especially Laos, with a focus placed on consumer goods market.
This event also aimed to promote business matching between Lao and Korean businessmen.
“This meeting with Lao businesspeople was a good opportunity for us as the company is looking for new markets, dealers, in Laos. Our company is a leading group of lubricant and oil additive producers in the world. We make more than 100 products. Today is the first time for us to present our products but we have seen that many Lao business people have shown interest in our products and we do hope that in the future our products will be sold in Laos,” said Mr Ji Yoon Lee, Sales Manager, Overseas Sales Department, Exolube.
Around 100 Korean businesses are already in operation in Laos as S. Korea has become the fifth largest foreign investor in the Lao PDR with an accumulated investment value of US$750 million. In 2018, bilateral trade between the ROK and Laos was valued at US$114 million.
Laos’ imports from the ROK were valued at US$84 million, mainly comprising vehicles, trucks, automotive parts, construction equipment, electronics and consumer products.