Korean franchise operators seek partners in Lao

Some seven well-known franchise business operators from the Republic of Korea recently met with Lao business operators and investors at K-Franchise Business Meeting 2017 in Vientiane.
The event was organised by the Korea Trade Investment Promotion Agency (KOTRA), the Commercial Section of the Embassy of the Republic of Korea to Laos, aiming to provide opportunities for Lao and Korean business operators to meet and negotiate with their potential partners and explore avenues for possible franchise business cooperation.
Korean Ambassador to Laos Mr Yun Kang-hyeon was in attendance.
During this event, both Korean and Lao operators carefully considered whether they could become business partners and successfully introduce new products to the Lao market.
Well-known franchises introduced at the venue were Well-being Pizza, Elli Cel, Didim (Mapo Seagull), Street Churros, Chicken Derby, Beaupeople and Y Entertainment.
This was the third business matching organised by KOTRA in 2017, which it usually organises four or five times a year.
KOTRA will continuously organise business matching to allow business operators from the two sides to seek partners. 
The missions aimed to effectively promote bilateral trade and cooperation between the two countries as well, a source from KOTRA said.
Laos and the Republic of Korea have continued to expand mutually beneficial economic cooperation with trade and investment between the two countries steadily increasing.
Lao exports to the Republic of Korea in 2015 were valued at US$22.9 million (Bt785 million) , an increase of 52.5 per cent compared to 2014. The main exports included potassium fertilisers, coffee, lead bullion and scrap, fabric and vegetable ingredients for oriental medicines.
The Republic of Korea is the sixth ranked country for investment in Laos, with some 257 projects having a combined value of US$800 million. Trade volumes between the two countries reached US$199 million last year, according to the Ministry of Industry and Commerce. Meanwhile, Korea Trade-Investment Promotion Agency reported recently there were more than 100 Korean companies each year seeking business partners in Laos.
The Korean Statistical Information Service reported in 2015 that Republic of Korea exports to Laos, valued at US$170 million, increased by 9.2 percent compared to 2014.
The main exports included passenger vehicles, trucks, motors, automobile parts, and construction equipment, electronics items.
In 2015, the number of businesspeople and tourists coming to Laos from the ROK rose to 160,000 after the two nations began operating direct flights.