Agreement Signed to Promote Belt and Road Initiative in Laos | Lao Tribune

Agreement Signed to Promote Belt and Road Initiative in Laos

The Lao News Agency, the China Economic Information Service of the Xinhua News Agency and the Overseas Chinese Chamber of Commerce in Laos signed on Nov 18 in Vientiane a tripartite agreement to co-host Belt and Road Forum for Laos-China Cooperation.

Signatories to the agreement included Director General of Lao News Agency Sounthone Khanthavong, Vice President of the China Economic Information Service Kuang Lecheng and Vice President of the Lao-Chinese Chamber of Commerce Wu Xinghua.

Head of the Party Central Committee’s Propaganda and Training Board Kikeo Khaykhamphithoun, Deputy Minister of Information, Culture and Tourism Mr Savankhone Razmountry, and Chinese Ambassador to Laos Wang Wentian witnessed the event.

The first Belt and Road Forum for Laos-China Cooperation will be held in Vientiane from December 19-20, 2017. The forum will be attended by representatives of Chinese business community in Laos and resource persons from Laos and China. The discussion at the meeting will focus on topics to promote Laos-China industry cooperation and development, which will involve One Belt One Road studies between Laos and China, said Kuang Lecheng.

The discussion will also focus on how the Belt and Road Initiative can help boost Laos’ socio-economic development and the comprehensive cooperation between the two countries.

The One Belt, One Road initiative aims to meet various needs to resolve difficulties in the countries’ economic development. The policy is one of cooperation between Laos-China which serves to bolster the comprehensive cooperation between Laos and China, said Mr Savankhone Razmountry.

The bilateral trade between Laos and China reached US$ 2.34 billion last year, an increase of 23.5% on a year on year basis. Meanwhile China ranks first in the foreign direct investor list of Laos with Chinese investment represented in 769 projects worth more than US$ 7 billion. These excluded the Lao China railway project, which is worth US$ 5.8 billion.

Source: Lao News Agency