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Korean Exchange CEO praises opening of Lao stock market
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| Korean Stock Market CEO Mr Bongsoo Kim |
A top Korean Exchange official has congratulated the Lao government over its decision to open the country’s first Securities Exchange.
Korean Stock Market CEO Mr Bongsoo Kim said the Lao government was able to open the stock market within a short period of time despite facing a number of difficulties and challenges.
“In 2007, the Standing Deputy Prime Minister and the Bank of the Lao PDR Governor visited Korea. We discussed opening the Lao Securities Exchange in October 2010. At that time, no one believed we would achieve our goal. Establishment of the market within a period of three years has never happened before,” he said as quoted in his speech to mark the opening ceremony of the Lao Securities Exchange last Sunday.
“However, with the strong decisions and efforts of the Lao people, they made an impossible mission possible. Today we are celebrating the opening of the Lao stock market.”
However, the stock market will not actually start trading until early next year. Two major state owned enterprises – Banque pour Le Commerce Exterieur and Electricite du Laos – are currently preparing to sell shares on the exchange.
The Korean Exchange holds a 49 percent share in the US$20 million Lao Securities Exchange, with the rest of the investment share belonging to the Lao government.
Mr Kim said initially it was believed construction of the stock market building would take eight months, but due to the efficiency of the contractor the building was finished in just six months. This was despite difficulties such as very high temperatures in the hot season.
The stock market would help the Lao government to develop a capital market, which would enable Lao companies to obtain investment funding, he said.
“I believe the opening of the Lao Securities Exchange will pave a strong concrete foundation for the capital market in Laos,” said Mr Kim in his speech.
The opening ceremony would be remembered in the same way that many people think of Laos as the jewel of the Mekong, he added.
Mr Kim said the Korean Exchange would continue to work closely with its Lao counterpart, adding that it would send six core officials to work in the Lao stock market alongside Lao staff until they were able to manage the market themselves.
The Korean stock market will also send experts to train Lao staff and management at the Lao Securities Exchange and provide training in Korea so they learn how to work efficiently.
He also said the Korean Stock Exchange would continue to further cultural cooperation with the Lao people, adding that his company had already established a relationship with Dongdok Primary School in Xaythany district, Vientiane.
The Korean Exchange would provide assistance to the school, he said.
Vientiane Times
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