Laos, China promote production capacity cooperation
Laos, China promote production capacity cooperation
Jilin province of China and Laos have agreed to initiate to promote production capacity cooperation between the Lao PDR and the northeastern province of China.
A meeting on production capacity cooperation between Laos and Jilin province of China was held yesterday in Vientiane, attended by Deputy Minister of Planning and Investment, Dr Khamlien Pholsena, Deputy Governor of Jilin province, Mr Sui Zhongcheng, officials and businessmen from Laos and Jilin province.
Speaking at the meeting, Dr Khamlien said Laos has an open policy on cooperation with many countries, especially China in mutual and multiple forms through international and regional stages.
The government also has a policy in turning itself from a landlocked to a land-linked country and attracting private foreign investment to contribute to national socio-economic development, he added.
Dr Khamlien noted that according to investment statistics, private domestic and foreign investment represented more than half of the total investment in the country.
In the investment sector, Chinese investors in Laos now have over 764 projects in areas ranging from mining to agriculture, electricity, handicrafts and tourism with a combined value of more than 7 billion kip, making China the top ranked foreign investor in Laos.
Some 552 projects had 100 percent Chinese investment, while 212 projects were joint venture investments with local partners.
Another mega project invested in by China is the historic railway linking Vientiane to the Chinese border over a distance of 427 km. This railway will link with the track in Thailand to form part of the regional rail link known as the Kunming-Singapore railway, covering a total distance of some 3,000km, he added.
Dr Khamlien noted that the Investment Promotion Law encourages private foreign investors to invest in processing industries, agriculture and handicrafts as well as sustainable and environmentally friendly tourism developments.
In addition, the law promotes development in the education and health sector, employment, and transportation, said Dr Khamlien.
Besides that, the government of Laos has special and specific economic development zones to further ease restrictions on foreign investors who have expressed their interest to invest within the country, he added.
Laos has rich natural resources including land, forests, minerals, water and good conditions for agriculture.
Jilin is also famous for its abundance of natural resources and is home to important food and industrial bases for China, Mr Sui Zhongcheng said.
He reported that Jilin has three pillar industries, those being automobiles, petrochemicals and processed agricultural products. Another four potential industries include pharmaceuticals, electronics, construction and tourism.
In the future, Jilin authorities will increase their efforts to cooperate with Laos to promote enterprises from the province as well as in production capacity cooperation in various forms such as direct investment, project concessions and equipment exports.
We will celebrate our cooperation on automobiles, equipment production for transportation infrastructure, construction materials, and agricultural development, Mr Sui said.
Jilin province will cooperate with the relevant sectors in Laos, closely coordinating and establishing cooperation mechanisms for international production capacity, he added.
