Laos, China agree to further cement cooperation
Play
The government offices of Laos and China have signed a memorandum of understanding to further strengthen the cooperative relations and friendship between the two countries based on mutual benefits.
Under the MOU, the Chinese side will assist the Government Office of Laos in regards to human resource development by granting nine scholarships annually to officials here. The respective parties also agreed to regularly organise exchange visits by delegations from the government offices of both countries and establish collaboration centres, aiming to further facilitate cooperation.
The MOU was signed during a visit to China last week by a Lao delegation led by Government Office Head Sonexay Siphandone. The delegation was welcomed by Deputy Secretary General of the State Council of China, Wang Zhongwei.
China is committed to providing financial supports to two events in Laos – the 40th anniversary of the founding of the Lao PDR at the end of this year and Asean Summit next year.
Since Laos and China established a comprehensive strategic partnership in 2009, their mutual trust has deepened, particularly in political affairs, while economic cooperation has seen progress as anticipated.
Trade between the two countries exceeded 29,325 billion kip (US$3.61 billion) in 2014, an increase of 31 per cent on 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 percent on the previous year.
Meanwhile the value of goods imported from China reached US$1.84 billion in 2014, an increase of 7 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.
During the visit, Sonexay met with business operators, notably those that had invested in Laos in the areas of mining, hydropower and real estate.
He asked Chinese companies to further study investment opportunities in central and southern Laos, especially the provinces located along the East-West Economic Corridor.
