S. Korea shares trade expertise with Laos
 
Laos will be able to increase export opportunities through the Republic of Korea’s Knowledge Sharing Programme (KSP) “Investing in New Exporters through Startups Promotion in Laos”.
The programme will study the as-is policy and the business environment for export through collaboration with the faculties of the National University of Laos.
After eight months, it will ultimately suggest the policies and practical action plans in order to facilitate export and to incubate born-global startups in Laos. It will also provide capacity building sessions in Korea to enhance the capabilities of officials in the Ministry of Industry and Commerce.
The KSP was officially launched in Vientiane on January 28.

High level officials attended a seminar to mark the successful launch of the project, including the Ambassador of the Republic of Korea to Laos, Mr Im Moo-hong, Deputy Minister of Industry and Commerce, Dr Manothong Vongxay, KSP Senior Advisor and former Vice Administrator of SME Administration of the Republic of Korea, Dr Na Dosung, Director General of the Korea Trade-Investment Promotion Agency (KOTRA) Vientiane and President of the Korean Business Association, Mr Kim Pilseong, and the Director General of the Trade Promotion Department of the Ministry of Industry and Commerce, Mr Xaysomphet Norasingh.
Korean consulting institutions, including the Hyundai Research Institute and the Korea Venture Business Association, also participated in the event online.
The Knowledge Sharing Programme is funded by the Ministry of Economy and Finance of the Republic of Korea and coordinated by KOTRA Vientiane, which shares Korea’s development experience and knowledge with partner countries for their institutional and capacity building.
Delivering the opening remarks, Dr Manothong Vongsay said the Lao government is aiming to add value to Lao products by promoting domestic production that combines technology and innovation in order to boost exports.
“As there will be more export opportunities after Covid-19, we need to build the readiness of Lao exporters and create born-global startups,” Dr Manothong said.
“This programme can support the ministry to achieve the goals set in the Vision for 2021-2025 and 2030, as well as enable Lao SMEs to take part in the transition to a digital economy,” he added.
Mr Im Moo-hong said “The trade circumstances in the region have dramatically changed in favour of Laos due to the operation of the Lao-China Railway and the Regional Comprehensive Economic Partnership (RCEP) agreement.
This programme can help to identify new potential products and services connected to the regional value chain, and the Embassy of the Republic of Korea, along with KOTRA Vientiane, continues to support Laos to become an export-driven nation in the long term.”
In his keynote speech, Mr Xaysomphet Norasingh said that advanced technology and innovation are the keys to achieving the national target to increase the trade-to-GDP ratio to 70 percent and the export volume to 50 percent by 2025.
The trade promotion policy needs to be reformed to reflect the global paradigm shift and to encourage the export of innovative entrepreneurs, he added.

By Times Reporters
 (Latest Update January 31, 2022)