Laos, S. Korea ink three key agreements

The governments of Laos and South Korea on Thursday signed three key agreements during an official visit to Laos by the President of the Republic of Korea, Yoon Suk Yeol.

President of the Republic of Korea, Yoon Suk Yeol (left) meets Lao President Thongloun Sisoulith.

President Yoon Suk Yeol and his delegation are visiting Laos in response to an invitation from Lao President Thongloun Sisoulith to strengthen the relationship and cooperation between the two countries and attend the 25th ASEAN-Republic of Korea Summit.
President Yoon Suk Yeol was warmly welcomed by President Thongloun Sisoulith at the Presidential Palace and witnessed the signing of the agreements.
The first agreement concerns cooperation with regard to climate change.
The second is a Framework Agreement concerning a concessional loan from South Korea’s Economic Development Cooperation Fund from 2024-2027.
Lastly, a Memorandum of Understanding was signed on cooperation in the reduction of greenhouse gas emissions from deforestation and forest degradation, which is related to Article 6 of the Paris Treaty.
The three agreements were signed by the relevant ministries of Laos and Korea and witnessed by the presidents of both states. 
Both sides expressed appreciation for the level of achievement reached through almost three decades of cooperation, with the two countries celebrating 30 years of their relationship next year. They agreed to officially raise the level of this cooperation next year.
The two governments agreed to step up cooperation in relation to economic affairs, trade and investment. Lao products will be more strongly promoted in Korea in the fields of manufacturing, automobiles, electrical devices, semi-conductors, heavy industry, and agricultural processing.
They also agreed to increase cooperation in environmental protection by working to reduce greenhouse gas emissions and climate change cooperation and to create the Lao Digital Park to attract foreign investment in technology, support human resource development, provide scholarships, and support cultural and tourism developments. They will also engage in regional cooperation concerning ASEAN-Korea, Mekong-Korea and other frameworks of mutual interest.
Lao President also expresses gratitude for the support from the Republic of Korea in the past, which has focused on the priority sector of the Lao such as the development of the health sector, unexploded ordnance (UXO) and rural development, human resource development, labor assistance and others.
Korean companies are continuing to actively invest in Laos. Last year, Korea invested US$36 million, becoming the country’s fifth largest investor with cumulative investments totalling US$1.33 billion.
Luang Prabang, Vangvieng and Champassak in Laos have all become popular travel destinations for Koreans, and the Visit Laos Year 2024 programme is expected to attract more than 200,000 visitors from South Korea.
From a regional perspective, the ASEAN-ROK relationship has advanced remarkably over the past 35 years, forging a mutually beneficial partnership.
The value of two-way trade between Korea and the ASEAN region reached US$187.2 billion last year, a 23-fold increase from 1989 when Dialogue Relations between the two sides were first established. During the same period, Korean investment in ASEAN grew 80-fold, from US$92 million to US$7.4 billion.
More than 5,500 Korean companies currently have a presence in ASEAN Member States, contributing to job creation and economic growth by manufacturing various consumer goods and hi-tech products such as smartphones, semiconductors, batteries, and electric vehicles, while providing related services.
The Republic of Korea and ASEAN are expected to elevate their relationship to the highest level and establish a Comprehensive Strategic Partnership during the ASEAN-Korea summit this week.

ByTimes Reporters
 (Latest Update October 11, 2024)