Trade expo bolsters Laos-China trade ties

A Laos-China trade expo kicked off in Vientiane on Wednesday, with products and machinery manufactured by companies in Hunan province on display. 
Hunan is one of China’s provinces that has strong economic and trade ties with Laos and many large-scale investment projects in Laos are being operated by companies from Hunan.

The expo was attended by the Head of the President’s Office, Mrs Khemmani Pholsena, and senior officials and business operators from Laos and China.
Booths at the expo are displaying machinery, agricultural, industrial and construction equipment, medical equipment, logistics equipment and so on.
The expo is also an opportunity for business operators from Laos and Hunan to meet and discuss their partnership as a means to boost trade volume between Laos and China.
Speaking at the expo, Deputy Minister of Industry and Commerce Mr Bountheng Douangsavanh said the event supported the government’s policy to strengthen trade, investment and economic cooperation with China.
Mr Bountheng highlighted the growing trade and investment cooperation between Laos and China over past years.
Economic ties between the two countries will continue to grow following the opening of the Laos-China railway in 2021, he said. 
The value of trade between Laos and China was estimated at US$4.35 billion in 2021, rising to US$5.68 billion in 2022, an increase of 31 percent.
In the past six months of this year, the trade value between the two countries soared to US$3.18 billion, an increase of 17.2 percent compared to the same period last year. 
China is Laos’ second largest trading partner after Thailand and is the top foreign investor in Laos with more than 21,000 businesses operating across the country.
The Deputy Minister invited Chinese business operators, especially those in Hunan province, to invest and build factories in Laos for the purposes of export, not only to China but also the rest of the region. More investment by China will further boost economic cooperation between the two countries, he said. 
Head of the Trade Department in Hunan province, Mr Shen Yu Mou, said that despite the Covid-19 pandemic in 2021 and 2022, economic cooperation between Laos and China had continued to grow based on the potential offered by both countries.
As of the end of 2022, the value of Chinese investment in Laos rose to US$13.5 billion. Chinese companies have invested in areas such as energy, communications, finance, agriculture, industrial parks and mining.    
Vice President of the Lao National Chamber of Commerce and Industry, Mr Daovone Phachanthavong, said the expo was timely in bolstering economic cooperation between Laos and China, particularly with Hunan province.

The Lao National Chamber of Commerce and Industry has opened representative offices in Hunan, Guangzhou, Yunnan and other provinces. This is aimed at facilitating economic activities between Laos and China and enabling meetings between Lao and Chinese entrepreneurs.
“Our Chamber will try to push for and facilitate investment by Chinese entrepreneurs in Laos and encourage meetings between Lao and Chinese businesses in order to boost economic cooperation between our two countries,” he said.
Mr Daovone informed Chinese businesses about Laos’ chairmanship of Asean chair next year and invited Chinese investors to come and seek business opportunities in Laos.
Laos is becoming increasingly more connected to other Asean countries and China through the Laos-China railway and improved road networks.

By Advertorial Desk
 (Latest Update November 23, 2023)