Laos and South Korea eye further business cooperation

VIENTIANE, May 23 (Vientiane Times/ANN): Entrepreneurs from Laos and the Incheon region of the Republic of Korea hope to expand their business cooperation in the Lao market through the “Incheon Trade delegation 2022”.

The event is organised by the Commercial Section of the Embassy of the Republic of Korea, the Korean Trade-Investment Promotion Agency (KOTRA), from May 23-27.

It is hosted by Incheon TechnoPark and organised by KOTRA Vientiane.

Nine Korean companies including manufacturers and suppliers of cosmetics, food and consumer products from the Incheon region will meet with Lao consumer product distributors and retailers.

A total of 31 Lao companies have shown their interest and confirmed their participation in the event.

Although the Lao economy is currently struggling, Lao traders and retailers are actively identifying new products, especially eco-friendly products and daily necessities.

Despite the lack of foreign currency available for the purchase of imports at present, most Lao companies see the market positively in terms of the opening of the Laos-China railway and the recent opening of borders, according to KOTRA Vientiane.

One of the Korean companies participating in the session, ChoiceBio, offers hypoallergenic basic skin care and tone-up products made of nature-friendly materials.

The company is scheduled to meet with nine Lao online and offline beauty shops.

Songhwa Food, suppliers of premium laver containing natural omega 3 and EPA, have arranged to meet with seven Lao trading companies and supermarkets.

KEIZINOTEC, a wrinkle improvement functional cosmetic supplier, will meet with seven cosmetics shops and traders.

This is the second time that KEIZINOTEC will have meetings with Lao companies after the Incheon TechnoPark trade delegation 2020.

The session will include about 50 meetings of 1:1 business matchups, focusing on discussions about potential partnerships, dealerships and product supplies.

Incheon Technopark has dispatched trade delegations on three consecutive years, including this year.

Although the delegation has met with Lao companies online, due to mandatory PCR tests and other Covid-19 measures in Korea, Incheon TechnoPark is likely to dispatch the offline delegation early next year.

A representative of Megako Supermarket from Laos said “Due to limited brands and products in Laos and as the needs of consumers in the Lao market gradually diversify, this type of delegation gives us the opportunity to identify new products that are not available in the Lao market.”

He added: “If there are any attractive items, we would like to set up a dealership to distribute the products, not only in the Lao market, but also in other neighbouring markets.”

The Director General of KOTRA Vientiane, Pil Seong Kimsaid, said “Although our main role is to introduce new Korean products to nurture the Lao market, considering that Laos is suffering from a foreign currency shortage and inflation, we will diversify our support programmes and continue to induce Korean investors.

" At the same tome, we will focus on supporting Lao exporters in agricultural and mineral industries in collaboration with the Department of Trade Promotion of the Lao Ministry of Industry and Commerce.” - Vientiane Times

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Laos , South Korea , Cooperation , Trade , Expand Business


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