Chinese encouraged to invest in Laos
Chinese encouraged to invest in Laos
Nanning, Guangxi province, China: Speaking at the Laos-China Business and Investment Forum here on Monday, Lao Deputy Minister of Planning and Investment DrBounthavySisouphanthong invited more Chinese businesses to invest in Laos.
The forum is part of the 13th China-Asean Expo and 13th China-Asean Business and Investmen t Summit taking place from September 11-14.
In his speech, DrBounthavy told the audience that Laos has extensive plains in the south of the country and is mountainous in the northern region.
These areas enjoy a good climate and have abundant fertile land that provides suitable conditions for organic agriculture, which can supply produce to the local tourism industry and for export.
I would like to invite more Chinese to invest in irrigation, agriculture and animal farming, to support the tourism industry, DrBounthavy said.
He also noted that Laos has the potential to supply the raw materials for agro-processing and invited Chinese investors to build factories for which local farmers could supply the necessary crops.
Centrally located in the Greater Mekong sub-region, Laos is part of the development triangle along with Vietnam and Cambodia and the East-West Economic Corridor, whose infrastructure facilitates economic integration under the Asean cooperation framework.
Laos established diplomatic relations with China in 1961.
According to the Ministry of Planning and Investment, Laos has received Official Development Assistance from China and its citizens of about 1.3 billion yuan and this figure continues to increase each year.
China provided interest-free loans of about 1.3 billion yuan and about 8.6 billion yuan of low interest loans from 2005 to 2015 for the development of infrastructure, education and healthcare in Laos.
Laos recently approved the Vision 2030 which aims to raise its development status to that of a high middle-income country, based on increasing knowledge, a green' policy, and sustainable economic growth.
The 2025 Socio-economic Development Strategy has set out the conditions for achieving this status, with Gross Domestic Production (GDP) per capita targeted to double compared to the 2015 figure, to reach US$3,940 per capita.
The main indicator identified in the 8th National Socio-economic Development Plan for 2016-2020 is an average GDP growth rate of 7.5 percent, which must be achieved if Laos is to graduate from Least Developed Country status in 2020.
To achieve these goals, the country will need to inject significant financial resources, technical expertise, and technology.
