Chinese businesses seek investment in Laos
Chinese businesses seek investment in Laos
Chinese businesspeople of Shandong province of China have expressed their interest in several investment projects in Laos, especially in the field of agriculture, the garment industry, trade, furniture and machinery.
The delegation of Chinese businesses from Shandong province have met with their business partners in Vientiane yesterday with a focus on exchanging ideas and expressed their interest in business and investment cooperation in Laos.
Deputy Governor of Shandong province, Mr Xia Geng led his Chinese delegation of more than 30 people to Laos to study the business opportunities, trade cooperation and business operations in different areas.
At a business-matching session in Vientiane yesterday, President of the Lao National Chamber of Commerce and Industry (LNCCI) Mr Sisavath Thiravong, said that Laos has considerable potential for agricultural investment.
“Laos has good sources for agricultural investment projects because of the water resources and the cheaper electricity prices, which are suited for investment projects,” he said.
He also said that currently the value of investment between Shandong and Laos is over US$67 million, and most of the investment projects are related to the agriculture sector.
Mr Sisavath also added that the tourism sector will also be an attraction for the Chinese investors because Laos has thousands of tourism sites.
“Many tourism sites are waiting for investors to develop or provide services and facilities to local and foreign visitors,” he said.
During the business-matching session, LNCCI President Sisavath Thiravong and Chairwoman of China Council for the Promotion of International Trade Shandong Sub-council, Ms Xu Qing also signed cooperation agreements.
Deputy Minister of Industry and Commerce Mr Siewsavath Savengseuksa, Commercial Counsellor of the Embassy of China in Laos Mr Zhao Wenyu and other guests witnessed the agreement.
Shandong is famous for its agricultural machinery and parts manufacturers with its main annual business income estimated at about US$26 billion.
Its agricultural machinery, farm products processing and renewable energy machinery is sold all over China and also another 120 countries worldwide.