The Lao PDR and the Republic of Korea have agreed to further promote bilateral cooperation in trade, economic, education, agriculture, health, human development, socio-culture, and tourism.

The statement was made by Lao President Bounnhang Vorachit and his Korean counterpart Park Geun-hye at a bilateral meeting held in Vientiane on Sep 9 on the occasion of an official visit to Laos by President Park Geun-hye in response to an invitation by President Bounnhang.

The move by the two governments aims to extend and deepen the friendly relations and cooperation between the two countries, the Press Department, Ministry of Foreign Affairs, said on Friday.

Mrs Park Geun-hye’s visit is seen as a historic landmark strengthening the friendly relations and cooperation between Laos and the Republic of Korea.

At the meeting, both presidents said that they highly valued the bilateral cooperation between Laos and the Republic of Korea over the past years, especially the exchange of visits by high-ranking delegations of the two countries. These included the visit to the Republic of Korea by President Choummaly Sayasone in 2013 and an official visit to Laos by Prime Minister of the Republic of Korea Hwang Kyo-ahn in 2015.

The Republic of Korea ranks as the fifth largest foreign investor in Laos with a combined investment of US$700 million. Meanwhile, the volume of bilateral trade was recorded at US$197 million in 2015.

Following the launch of direct flights between Laos’ Vientiane and the Republic of Korea’s Incheon in 2012, the number of Korean visitors to Laos has continuously increased. In 2015, more than 160,000 Korean tourists visited Laos.

So far, the Republic of Korea has provided Official Development Assistance (ODA) to the Lao government for the development of rural areas, education and health, significantly contributing to socio-economic development in Laos.

At the meeting, both sides also discussed mutual assistance and support under regional and international cooperation frameworks.

Source:
courtesy of KPL NEWS AGENCY

by Singkham Yengtavanh

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]