KPL
(KPL) The bilateral trade between the Republic of Korea and Laos for 2017 reached US$120 million, according to the Korea Trade-Investment Promotion Agency (KOTRA).
(KPL) The bilateral trade between the Republic of Korea and Laos for 2017 reached US$120 million, according to the Korea Trade-Investment Promotion Agency (KOTRA).
“If we compare our bilateral trade to those between Laos and its neighbours such as Thailand, Vietnam and Cambodia, the value of our bilateral trade is relatively low. However, we have an ambitious plan to increase our annual bilateral trade with Laos to around US$240 million by 2020,” said Director General of KOTRA Park Shag Eun.
The government of Republic of Korea has attached importance to promoting trade and investment between Laos and S. Korea.
Each year, the Korea Trade-Investment Promotion Agency (KOTRA) organises a number of activities in Laos to promote bilateral trade and business cooperation.
Around 100 Korean businesses are already in operation in Laos, and S. Korea has become the fifth largest foreign investor in the country.
Since the establishment of diplomatic relations in 1995, the two countries have witnessed a 24-fold increase in bilateral trade and investment. S. Korea’s total investments in Laos amounted to US$1.03 billion in 2016.
The number of Korean people travelling to Laos has also increased year by year and reached about 170,000 last year.
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