Chinese trade, investment grows in Laos
Chinese trade, investment grows in Laos
Chinese investment in Laos has continued to rise after the government established a new policy for foreign investors.
The Ministry of National Defence and Latsavong Development Co., Ltd. held a seminar on economic relations and trade between Laos and Chinese personal enterprises yesterday in Vientiane.
The seminar was attended by representatives from more than 100 leading companies in China and Lao government officials from the ministries of Planning and Investment, Industry and Commerce, Energy and Mines, Public Works and Transport, Agriculture and Forestry, and Information, Culture and Tourism.
Through the seminar, Chinese companies got to know and understand more about the investment policy, socio-economic development and potential of Laos.
The number of investors and tourists that come to Laos has continued to increase, making a good contribution to socio-economic development, said Deputy Minister of National Defence Lieutenant General Chansamone Chanyalath.
This development has helped to improve the living conditions of Lao people.
Laos and China enjoy a long and close relationship and are good neighbours, friends and partners, he added.
The value of Chinese investment in Laos is currently substantially larger than that of oth er countries.
The investment from China is a major factor in boosting economic growth in Laos and generating significant income for the government.
In addition, Chinese investment has contributed to local development and created a number of jobs for Lao people. Their projects are mostly in the mining sector, however.
The investment has also served to increase the close relationship and cooperation between the two countries.
The Ministry of National Defence has entered into investments with many Chinese companies, one of which is the Latsavong Plaza construction project which is being developed by the Chongqing F.U.N.D Real Estate Company Limited.
This is a large project, highly significant for trading, investment, tourism and real estate development. When construction is complete, it will change much of the outward appearance of Vientiane and is expected to become something of an icon for the newer, more modern city.
According to the Chinese Embassy to Laos, bilateral trade volume rose from US$1 billion in 2010 to over US$1.7 billion in 2012, and to US$2 billion in 2013, and reached more than US$3 billion in 2014.
