Ambassador Jung Yung Soo says the scale of trade between Laos and Korea continue to increase and broaden.

Korean ambassador outlines potential for stronger Laos-Korea relations

There is plenty of potential still to be tapped to expand the strong relations and cooperation between Laos and the Republic of Korea, including by improving the business and tourism friendly environment, the Korean Ambassador to Laos Jung Yung Soo has said.
The diplomat made the comment in an exclusive interview with the Vientiane Times recently.
Despite the fact that Laos already offers 30-day tourist visa exemptions for Korean nationals, an important source of foreign tourists for Laos, the ambassador suggested that offering an even longer visa-free stay would encourage more Koreans to spend time exploring Laos.
He also mentioned other areas that could be improved, saying “Efforts to ensure tourist safety, customised tourism services to meet diverse tourism demands, and affordable air ticket prices between Korea and Laos are needed.”
Korea is the fourth largest source of foreign tourists coming to Laos. In 2023, some 170,000 arrivals were recorded while the number of Korean visitors exceeded 100,000 in the first quarter of this year, making an important contribution to the revitalisation of the tourism industry and the economy as a whole.
In the economic sphere, investment and trade cooperation have gained momentum and Korea is among Laos’ top four foreign investors, with US$750 million in cumulative investment to date.
The value of two-way trade reached almost US$200 million last year, and the scale of trade and the diversity of the range of items continue to increase and broaden.
Ambassador Jung Yung Soo explained how Laos’ potential could be tapped to further bolster trade and investment, saying the two countries have agreed to establish a regular bilateral channel between the Korean Embassy in Laos and the Lao government to discuss the investment environment.
“I believe it is also important for the Lao government to provide accurate investment information and clarify the relevant procedures for potential investors,” the ambassador said.
“I am confident that the transparent and thorough implementation of foreign investment policies will lead to greater investment by Koreans.”
The ambassador said trade, investment and people-to-people links are substantive areas of cooperation that have greatly contributed to the overall bilateral relationship.
“Our two countries have now become important partners in terms of economic cooperation and people-to-people exchanges,” he said.
The Republic of Korea, the third largest aid provider to Laos, has also actively engaged in many cooperation projects funded through Official Development Assistance (ODA), totaling approximately US$100 million annually.
The two countries’ leaders have maintained high-level contacts and economic delegations have made frequent reciprocal visits, while labout cooperiton has been active.
Next year, the two nations will celebrate the 30th anniversary of the re-establishment of diplomatic ties, which has seen fast-paced development, thanks to joint efforts by both sides that have advanced ties to an impressive level.
“Compared with other countries, which may have 60 to 70 years of diplomatic relations with the Lao PDR, Korea has achieved significant advances in its relations with the Lao PDR in a relatively short span of 29 years,” the diplomat said.
“The year 2025 will mark the 30th anniversary of the re-establishment of diplomatic relations between our two countries. It will be another important juncture for us to reflect on the achievements we’ve made over the past three decades and formulate a direction and roadmap for the next 30 years. What can be clearly stated as of now is that the next 30 years will be geared towards achieving even greater accomplishments than in the past 30 years.”
In the regional context, the ambassador said he is dedicated to working with and supporting Laos as the chair of the Association of Southeast Asian Nations (ASEAN) this year, to elevate relations between the 10-member regional bloc and the Republic of Korea to new heights.
“Korea and ASEAN member countries are in agreement over elevating their relationship to a “Comprehensive Strategic Partnership” and are taking steps to formalise it,” Ambassador Jung Yung Soo concluded.

By Souksakhone Vaenkeo
 (Latest Update June 10, 2024)