Korean Traders Eyeing Local Market
More Korean businesses are looking for opportunities to get their products into the Lao market with its continuing strong economic growth, according to organisers of the Korean- Laos Goods Fair.There are more than 30 Korean companies seeking business partners and wanting to invest in Laos through the Korean-Laos Goods Fair 2016 at Lao-ITECC from September 2-6, organisers highlighted.
The fair is being held by The World Federation of Overseas Korean Traders Association (OKTA) and Lao National Chamber of Commerce and Industry, aiming to promote mutual prosperity between Korean traders and Laos while seeking distribution opportunities in the Lao market.
OKTA was established in 1981 has expanded exchange for Korean traders globally. In addition, it has expanded its concentration from trade in commodities to the trade of information and services.
OKTA has been working across the globe, obtaining trade orders and holding consultations among its participants.
Laos has the potential to attract more Korean companies to expand the distribution of their goods as Lao people are interesting in consumer goods, cosmetics, health treatments and even clothes, a Korean exhibitor explained.
For example, consumer goods from the Republic of Korea are now well accepted by local customers and Korean residents in Vientiane have greatly in creased meaning retailers are interested in obtaining a variety of Korean goods.
The Korean Statistical Information Service reported in 2015 that the Republic of Korea exports to Laos were valued at US$170 million, an increase of 9.2 percent compared to 2014.
The main exports included passenger vehicles, trucks, motors, automobile parts, and construction equipment.
Lao exports to the Republic of Korean in 2015 were valued at US$22.9 million, an increase of 52.5 p ercent compared to 2014. The main exports included potassium fertilisers, coffee, lead bullion and scrap, fabric and vegetable ingredients for oriental medicines.
The Republic of Korea is the sixth ranked country for investment in Laos, with some 257 projects having a combined value of US$800 million. Trade volumes between the two countries reached US$199 million last year, according to the Ministry of Industry and Commerce.
Source: Vientiane Times