Laos, China to boost trade cooperation
Laos, China to boost trade cooperation
Laos and China are looking forward to boosting bilateral trade cooperation between the two countries in the years to come, especially the trade in the border regions.
Chinese Deputy Minister of Trade Ms Gao Yan led a delegation of senior Chinese trade officials to meet with Lao Minister of Industry and Commerce Mrs Khemmani Pholsena in Vientiane on Friday.
A swift visit to the Minister of Industry and Commerce was part of the working visit of Deputy Minister Gao Yan during her attendance at the daylong 7th meeting of the Laos-China, China-Laos Cooperation Commissions on Economy, Trade and Technical Affairs last week.
The meeting centred mostly on deepening the work between the two sides' cooperation commissions and the two commerce ministries of Laos and China.
During a short meeting on Friday, Lao Minister of Industry and Commerce Mrs Khemmani Pholsena said bilateral cooperation between Laos and China will be able to play a crucial role in the economic development of the two countries.
“Our ministry intends to continue cooperation with the Chinese Ministry of Trade regarding to the cooperation plan of the two sides,” she said.
Mrs Khemmani also asked for advice from Ms Gao Yan on what Laos needs to improve in order to become more acknowledged by the international bodies of trade.
“Thanks to the government of China for allowing us to participate in the China – Asean Expo (CAEXPO) for more than a decade, which has helped us be a part of the international stage,” Mrs Khemmani said.
Meanwhile, Ms Yan said trade between the two countries has increased annually and Lao agricultural products are attractive to the Chinese markets.
“China is pleased to cooperate with Laos in terms of the exchange of a technical team to work with their counterparts and to deepen the cooperation in trade and economic affairs,” Ms Yan added. Trade between the two countries exceeded 29,325 billion kip (US$3.61 billion) in 2014, an increase of 31.87 percent compared to the year before.
China was Laos' largest export market in 2014, accounting for 46.1 percent of all Lao exports. The value of Laos' exports to China reached US$1.77 billion, an increase of 73.56 percent on the previous year.
Goods imported into Laos from China reached US$1.84 billion in 2014, an increase of 7.13 percent compared to the year before. China represented the second largest source of Lao imports, accounting for 27.1 percent of the total.
As of March 2015, Chinese companies had invested in 758 projects in Laos totalling US$6.6 billion, including joint investments with Lao partners. Of the US$6.6 billion, investments exclusively by Chinese companies amounted to US$5.3 billion, making China the largest foreign investor in Laos.
A recent 7th meeting between the two commissions also reviewed the financial assistance provided to Laos by China. In 2014 and 2015, China's financial assistance to Laos reached almost 2,000 billion kip (1.51 billion Chinese yuan).
Of the total, more than 914 billion kip (700 million yuan) was provided as grants, more than 261 billion kip (200 million yuan) as interest-free loans, while the remaining 806 billion kip (617.5 million yuan) was provided in the form of low-interest loans.
