Representatives of the Lao and Korean government and private sectors witness the signing of a Memorandum of Understanding on a commercial fisheries study.

Laos, S. Korea partner in fisheries business initiative

Two business entities from Laos and the Republic of Korea have signed a Memorandum of Understanding (MOU) on a feasibility study of the proposed Fishery Business Development Project, which would focus on fish farming in Laos.

Mr Bounthieng Lattanavong (right) and Mr Daehee Park display the signed MOU.

Mr Bounthieng Lattanavong (right) and Mr Daehee Park shake hands after signing the MOU.

The MOU was signed last weekend at the Lao National Chamber of Commerce and Industry in Vientiane, and was inked by the President of the Lao Agrobusiness Association, Mr Bounthieng Lattanavong, and the CEO of the Dura Fishery Association Corp, Mr Daehee Park.
Representatives of the government and private sectors witnessed the signing of the agreement.
The shared goal of the Lao Agriculture Business Association and Dura Fishery Association Corp is to develop a fishery business based on indoor aquaculture for the purposes of fish breeding, using modern technology provided by South Korea, with most of the fish to be exported to Korea.
Under the MOU, the two sides will jointly study the feasibility of the scheme by building a pilot fish breeding farm, which will trial the use of 4 to 6 large plastic basins to raise fingerlings in the initial stages of growth.

The pilot fish farm will become a learning centre for commercial fish production, with mature fish to be supplied to markets in Laos and also shipped to Korea.
If the feasibility study yields viable results and there is a possibility of investment, the Korean company plans to expand fishery in Laos by joining forces with the fishery association to set up fish farms in target districts to enable the transport of fish to consumers.
In order to save on transport costs and to benefit each district, each one will have a fish farm.

By Times Reporters
 (Latest Update May 31, 2024)