Business operators from Laos and the Republic of Korea attend the grand opening of two companies.

Lao, S. Korean business operators establish new companies

Company executives from Laos and the Republic of Korea on Saturday jointly established two new companies named Royal Mok-Lao Co., Ltd. and Sisu Crop-Lao Co., Ltd.
The new ventures will engage in tourism promotion, the export of goods produced under Laos’ One District, One Product (ODOP) scheme to Korea, the import of Korean products for sale in Laos, and promotion of Lao SMEs.

Mr Suh Ji-won.	Mr Sengdara Xayaphone.

The grand opening of the two companies in Vientiane was led by the President of PPS Chalerndee Trading Import-Export Co., Ltd., Mr Sengdara Xayaphone; the CEO of Royal Mok in Korea, Suh Ji-won; and the CEO of Sisu Crop in Korea, Mr Gwon-pil Bok.
Speaking at the event, Mr Sengdara said the two companies would focus on the import and export of Lao and Korean goods related to the promotion of tourism and SMEs in Laos.
“Our main aim is to create more jobs for Lao people through cooperation between entrepreneurs from Laos and Korea,” he said.
Shared operations related to tourism are aimed at encouraging Korean tourists to visit Laos and buy ODOP products.
In terms of ODOP product promotion, the companies’ executives are currently surveying the needs of the Korean market and planning to introduce ODOP products such as handmade cotton bags and items made from silk and rattan.
If the Korean side is interested in these products, the two sides will sign a Memorandum of Agreement on joint investment in exporting these products to Korea, with a focus on low-cost but high-quality goods, Mr Sengdara said.

Mr Gwon-pil Bok.

In terms of promoting SMEs, Korean investors are considering the best way forward and collecting information with a view to assessing the most viable form of investment.
Mr Sengdara said he placed great importance on the promotion of SMEs and ODOP products and promised that the two new companies would jointly invest in encouraging effective and sustainable business operations.
Sisu Crop-Lao will import goods from Korea for sale in Laos and act as an import and distribution agent for camping vehicle equipment.
Royal Mok-Lao will export oil and incense made from agarwood (mai ketsana) trees grown in Laos for sale in Korea.
Studies of the Korean market conducted so far indicate there are several companies that could trade in goods purchased from Laos, Mr Sengdara added.
The CEO of Sisu Crop in Korea,Mr Gwon-pil Bok, said that, as Royal Mok CEO Suh Ji-won noted earlier, Laos is developing rapidly.
The Sisu Corporation has been able to identify many opportunities through the President of PPS, Mr Sengdara Xayaphone, he added.
The company hopes that various products and technologies needed in Laos, such as health foods, hangover cures, and camping vehicles, can be introduced to Laos through Sisu.
“At the same time, we hope that many opportunities in Laos can be introduced to the Korean market through Sisu,” Mr Gwon-pil Bok said.
He thanked the Chairman of the Small Business Association of Hwaseong City in Korea, Mr Kim Chang-seok, and Lao business operators who attended the grand opening of Royal Mok-Lao Co., Ltd. and Sisu Crop-Lao Co., Ltd.

By Advertorial Desk
 (Latest Update December 27, 2023)