Dr Phommy Inthichack (right) and Mr Lee Sung Ho shake hands after signing a Memorandum of Understanding.

MOU inked on use of eco-friendly agriculture, smart farm technology

A South Korean company, Hohyun F&C Co., Ltd. on Tuesday in Vientiane signed a Memorandum of Understanding with the Ministry of Agriculture and Forestry on a proposed project to introduce eco-friendly agriculture and smart farm technology into Laos.
The project, which is among many submitted by countries in the Asia-Pacific region seeking support from the Republic of Korea, has been shortlisted for further consideration.  
The five-page agreement, signed by the company and the ministry’s Department of Planning and Cooperation, aims to develop Lao agriculture and rural areas by establishing a mutual cooperation system and information between the two organisations and applying advanced farming methods such as eco-friendly agriculture (crop and livestock farming) and smart farm technology.
The two parties will prepare a business plan, project concept paper and an Overseas Development Assistance project concept paper. These include a business plan for attracting foreign investment and the implementation of a business plan for eco-friendly agriculture, livestock farming. and smart farm technology.
The MOU was signed by the Deputy Director General of the Department of Planning and Cooperation, Dr Phommy Inthichack, and President of Hohyun F&C Co., Ltd., Mr Lee Sung Ho, and witnessed by relevant officials.
In his address, Dr Phommy said the agreement will be a reference that Hohyun F&C Co., Ltd. will use to request approval from the National Assembly of the Republic of Korea.
“The Republic of Korea uses advanced farming technologies that could elevate agricultural production standards in Laos,” he said.
If approved, he added, the project will importantly contribute to realising the Lao agricultural development plan.
The Deputy Director General of the Department of Planning and Cooperation expressed heartfelt thanks to Hohyun F&C Co., Ltd. for its contribution to the project.
Given Laos’ great agricultural potential due to its large area of farmland, environmentally-friendly climate and abundant water resources, Mr Lee Sung Ho expressed confidence that considerable revenue would be generated from agriculture through this cooperation.
Through an interpreter, he pledged to do his utmost to help Lao authorities develop and modernise Lao agriculture and attract more foreign investment, not only from Korea but also from other countries to do agribusiness in Laos.
Mr Lee Sung Ho underlined the need for Lao farmers and workers to benefit from the use of agricultural technology knowhow so they become important drivers of agricultural development.
To this end, he said his company plans to set up a smart farm education centre with Lao partner in order to provide training in agricultural science and technology to Lao technical staff and farmers.
Mr Lee Sung Ho said he was confident the MOU would bring great benefits to Lao technical staff, workers and enterprises through the use of advanced agricultural technology and scientific methods.
Recently, Hohyun F&C Co., Ltd. and its Lao partner, the SKS Group, established the joint venture firm SKS Agri Dev to engage with the agriculture sector in Laos.
The joint venture company provides consultation and data analysis and is setting up the smart farm education centre, according to the company’s President, Ms Kingdao Sihapanya.

By Advertorial Desk
 (Latest Update October 16, 2023)