Laos Korao Group Strengthens Cooperation with K-Franchise through 'Boomup Korea'

Korao Group Signs $2.75 Million Agreement at Event Hosted by KOTRA and Ministry of Trade, Industry and Energy

KOTRA announced on the 23rd that Korao Group, the largest private company in Laos, signed 13 agreements worth a total of 2.75 million USD after conducting consultations with 63 domestic franchise and consumer goods companies at the '2023 Second Half Boom-up Korea' event. The second half Boom-up Korea was jointly hosted by KOTRA and the Ministry of Trade, Industry and Energy and was held over two days starting from the 18th.

KOTRA explained that over the past two months, they supported video consultations between K franchise companies in the fields of ▲food service ▲beauty ▲clothing ▲kids cafes and Korao Group, resulting in multiple agreements at this event.

In the food service sector, through franchise business cooperation agreements (MOU) and joint investment partnership agreements, they ensured that key ingredients, in addition to franchise fees and royalties, could be supplied to Laos. In the beauty sector, Korao Group provided locations and equipment, while dispatching beauty personnel from Korea to transfer operational know-how, forming the basis of the agreement. For kids cafes, the main idea was to jointly develop locally specialized characters for Laotian children and establish content and play spaces.

At the '2023 Second Half Boom-up Korea' event hosted by KOTRA and the Ministry of Trade, Industry and Energy, a contract signing ceremony took place between Laos Korao Group and domestic franchise and consumer goods companies /

Korao Group plans to open 16 large shopping malls and over 2,000 mini marts throughout Laos, including the capital Vientiane, by 2025. In this process, they have planned to source more than half of the franchise products from Korea. Kim Pilseong, head of the KOTRA Vientiane Trade Center, explained, "The foreign franchise market is rapidly opening in Laos, which has been a franchise frontier."

Meanwhile, at this event, Kokkok Megamart Asia, a subsidiary of Korao Group, sent its head of purchasing to Korea and held consultations with about 30 domestic food and consumer goods companies. The person in charge of private brand (PB) products also visited, and they discussed reviewing the introduction of instant food cooking equipment demonstrations.

Yeom Seungman, head of KOTRA’s Service and ICT Office, said, "It is significant that various entry routes such as K franchises, PB products, and premium consumer goods have been opened in a difficult export environment," adding, "We will continue to focus all efforts on export growth by discovering large buyers in the form of fleets."

This content was produced with the assistance of AI translation services.