Laos, a small, landlocked country in the center of peninsular Indochina, is a land of opportunity for Korea. Laos has abundant natural resources from its rivers, forests and mountains, which are eagerly awaiting Korean investment and funding. Our country also enjoys high political stability with a low crime rate, few natural disasters and low labor costs.

Laos became an independent country in 1975 and an ASEAN member state in 1997. Diplomatic relations with Korea were established in 1995, with bilateral ties deepening and broadening over the years.

Both countries exchanged visits on different levels of government to enhance our relations. Lao Prime Minister Thongsing Thammavong visited Korea in July 2012; the Lao National Assembly president did so in September 2013; and Lao President Choummaly Sayasone visited in November 2013.

Korea is the sixth-largest donor to our country and actively participated in developing our rural areas, education, health care and infrastructure. It also provided technical assistance and knowledge transfers to our workers across many sectors. The Lao government and people highly appreciate Korea’s assistance, which has significantly contributed to developing our country socially and economically.

Laos and Korea have signed agreements to promote and protect Korean investments in Laos. Korea is the fourth-largest of the 53 foreign investor countries in Laos, focusing on hydropower, construction, agriculture, industry, hotel, restaurant, trading and mining. Laos’ labor and resources and Korea’s technology and capital could be combined for a win-win partnership.

The Lao government has granted concessions to Korean companies to invest in mining projects. Hyundai Blackstone Corporation in Vientiane province for copper; Seodong Corporation in Xiengkhouang province for iron, copper and gold; and Korean Zinc Corporation in Houaphanh province for lead and zinc.

Despite being endowed with rich natural resources, Laos still needs modern technologies and funding to fully realize its development potential. Therefore our government actively welcomes Korean investments in all forms of technology, human capital and funding.

Thanks to the direct flight service between the two countries offered by the Myanmar Airways International, the number of Korean tourists to Laos has more than doubled in the last two years, from 43,000 in 2012 to an expected 100,000 by the end of this year.

The two countries will open new frontiers of investment and cooperation in the days to come, aided by the ASEAN framework.

By Khamla Xayachack

Khamla Xayachack is Lao ambassador to Korea ― Ed.