ID :
71910
Fri, 07/24/2009 - 11:58
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http://m.oananews.org//node/71910
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Laos-Republic of Korea further co-operation on stock exchange
(KPL) A Signing ceremony of MoU to further co-operation on the stock exchange development between Lao PDR and the Republic of Korea was held on 22 July in the world heritage town of Luang Prabang.
The joint venture agreement to build the Lao stock market in 2010 was signed between the Bank of Laos (BOL) Governor Phouphet Khamphounvong and the Chairman and CEO of KRX, Mr. Jung Hwan Lee.
According to the agreement, the Lao side will have a 51 percent share, with the other 49% belonging to KRX. The Lao side will be responsible for the location and construction of the stock market building while the KRX will be in charge of human resource development and IT to be used in the stock market’s operations.
Speaking at the signing ceremony, Mr. Phouphet said that the Lao government had a plan to establish the stock market in late 2010 and had assigned responsibility to the bank to operate and respond to the project’s needs.
On May 25, 2009, Mr. Bouasone Bouphavnah, Prime Minister of Laos announced the establishment of a security exchange management commission. The commission is chaired by Standing Deputy Prime Minister Somsavat Lengsavad and includes nine other commission members.
In the past, delegations of Lao leaders and relevant officials have been sent to study and exchange stock market experiences in many countries including the Republic of Korea.
Mr. Jung Hwan Lee said that the purpose of the signing was to establish and operate the stock market in Laos. The stock market is expected to provide many benefits to the national economy and boost production in the country.
The joint venture agreement to build the Lao stock market in 2010 was signed between the Bank of Laos (BOL) Governor Phouphet Khamphounvong and the Chairman and CEO of KRX, Mr. Jung Hwan Lee.
According to the agreement, the Lao side will have a 51 percent share, with the other 49% belonging to KRX. The Lao side will be responsible for the location and construction of the stock market building while the KRX will be in charge of human resource development and IT to be used in the stock market’s operations.
Speaking at the signing ceremony, Mr. Phouphet said that the Lao government had a plan to establish the stock market in late 2010 and had assigned responsibility to the bank to operate and respond to the project’s needs.
On May 25, 2009, Mr. Bouasone Bouphavnah, Prime Minister of Laos announced the establishment of a security exchange management commission. The commission is chaired by Standing Deputy Prime Minister Somsavat Lengsavad and includes nine other commission members.
In the past, delegations of Lao leaders and relevant officials have been sent to study and exchange stock market experiences in many countries including the Republic of Korea.
Mr. Jung Hwan Lee said that the purpose of the signing was to establish and operate the stock market in Laos. The stock market is expected to provide many benefits to the national economy and boost production in the country.
