The
Republic of Korea is playing a growing role in the socio-economic development
of Laos through trade, investment, grant aid and loans, according to a top Lao
leader.
Speaker of the National Assembly (NA) of South
Korea Park Hee Tae called on Vice President of Laos Bounnhang Vorachit in
Vientiane on Friday after earlier meeting Prime Minister Thongsing Thammavong.
Bounnhang said Laos appreciates its bilateral
cooperation with South Korea since the two countries established diplomatic
relations in 1995.
More South Korean businesses are investing in
Laos in areas ranging from agriculture and forestry to banking, finance and
trade. South Korean vehicles are becoming increasingly popular in Laos.
South Korea's growing presence in Laos is
symbolised by the country's first stock market, which opened for trading in
January with two listed companies. The exchange is jointly operated by the Lao
central bank and the Korea Exchange, which runs stock exchanges in South Korea.
South Korea is ranked as the fourth largest
foreign investor in Laos after Vietnam, China and Thailand, with total
investment value of US$631 million between 1995 and 2011, according to a report
from the Lao NA.
Bilateral trade between Laos and South Korea
in 2009 was worth over US$73 million, an increase of 4.8 per cent from the
previous year. The value of bilateral trade between the two countries reached
US$132 million in 2010, of which Lao imports from South Korea accounted for
US$112 million.
According to the Asean-Korea Centre, the value
of South Korean exports to Laos also grew 19.3 per cent annually between 2000
and 2008. Laos imported US$149 million worth of South Korean goods in the
decade to 1990, rising to US$690 million by 2000 and US$2,825 million by 2008.
Bounnhang said assistance from South Korea
covers human resources development, infrastructure, technology, banking,
finance and economic development based on market mechanisms.
Since 1995, the total value of grant aid from
South Korea to Laos has amounted to US$48.3 million.
Bounnhang said he hopes the visit by Park Hee
Tae will contribute to enhancing relations and cooperation between Laos and
South Korea.
Park Hee Tae paid a goodwill visit to Laos on
September 29-30, marking the first visit by a parliamentary speaker from South
Korea since the two countries established diplomatic ties.
Park Hee Tae also held talks with President of
the Lao NA Ms Pany Yathorthou to discuss parliamentary cooperation.
In the past few years, the parliaments of both
nations have exchanged visits of delegations at a number of levels in order to
share knowledge and experience. In 2005, the then president of the Lao NA
visited South Korea.
The News Desk
Vientiane Times
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