Laos, ROK pledge to cement economic ties

Laos and the Republic of Korea are committed to further strengthening their economic ties and continuing exchange visits by high-level delegations from the two countries, despite the ongoing Covid-19 pandemic.   
The commitment was made during a bilateral meeting in Vientiane on Saturday between Lao Minister of Foreign Affairs Saleumxay Kommasith and his Korean counterpart Chung Eui-yong.

During the talks, the Korean foreign minister said the Korean government was keen to boost trade and investment cooperation with Asean countries including Laos through the implementation of the New Southern Policy.
Mr Saleumxay thanked Korea for providing more than US$3.5 million to support Laos’ battle against Covid-19.
Korea is a major provider of Official Development Assistance (ODA) to Laos, according to the Lao Ministry of Foreign Affairs.
The two sides agreed to push for the bodies concerned in Laos and Korea to fulfil the agreements signed by the two countries in 2019.
The agreements concern ICT cooperation, industry and commerce, agriculture and economic development, and intellectual property.
The two ministers discussed the continuation of exchange visits by high-level delegations from Laos and Korea, and particularly preparations for an official visit to Korea by Lao Prime Minister Phankham Viphavanh in the near future. As of 2019, the Republic of Korea was the fifth largest foreign investor in Laos, with accumulated investment of more than US$790 million and operation of 299 projects, according to the Ministry of Foreign Affairs.
The value of two-way trade reached US$113 million over this period, with the value of Laos’ imports rising to US$54 million and exports from Laos to Korea amounting to US$59 million.  Laos and the ROK established diplomatic relations in 1995 and organised activities to celebrate the 25th anniversary of diplomatic ties in 2020.
During their meeting, the two ministers reviewed the cooperative relations and friendship which have developed over past decades.
Despite the pandemic, the leaders said they highly valued their past cooperation and relations, notably in the area of trade, investment, tourism, human resource development, infrastructure, technology and education.
Last week, Korean foreign minister Chung Eui-yong visited Thailand and Laos for talks with counterparts to discuss bilateral ties, responses to Covid-19, and other regional issues.
The Korean minister visited Thailand from August 26-28 and came to Laos on August 28-29. He paid a courtesy call on Lao Prime Minister Phankham Viphavanh to further discuss cooperation.
The visit is part of efforts to advance Seoul’s signature New Southern Policy, which aims to deepen economic and diplomatic cooperation with the 10-member Association of Southeast Asian Nations, according to the Yonhap News Agency of South Korea.
In June, Mr Chung visited Vietnam, Singapore and Indonesia during his first trip to Southeast Asia in his current capacity as foreign minister.

By Somsack Pongkhao
  (Latest Update August 30, 2021)