Laos, China boost business cooperation

Lao businesses, represented by the Lao National Chamber of Commerce and Industry (LNCCI), on Monday held talks with Chinese business operators led by the China-Asean Business Council RCEP Industry Cooperation Committee.
Participants in the meeting in Vientiane discussed ways to strengthen their ties towards increasing trade and investment in Laos.

Lao and Chinese business delegations meet in Vientiane on Monday.

China is Laos’ largest investor and second largest trading partner and bilateral trade continues to increase despite Laos’ current inflation issues.
Laos exports a large amount of agricultural produce to China, such as bananas, cassava, maize, rubber, rice and watermelons, but packaging standards are below par.
During the meeting, the China-Asean Business Council RCEP Industry Cooperation Committee offered to support training for Lao businesses on ways to add value to products.
The planned cooperation in this field aims to benefit both countries through the Belt and Road Initiative, the Shared Future policy, and the strategic partnership between Laos and China.
Meeting participants discussed aspects of cooperation in trade, investment, imports and exports, and education projects in Laos.
LNCCI President Mr Oudet Souvannavong said the meeting strengthened business links between Laos and China which would speed up the development of agriculture and make the sector financially stronger.
Laos will host the Asean Summit next year, so the meeting is a good opportunity for the LNCCI and the China-Asean Business Council RCEP Industry Cooperation Committee to discuss further cooperation and support for the Lao government, he added.
“In the future, we will organise joint activities to create Laos-China business platforms and other events.”
Executive President Chairman of the China-Asean Business Council RCEP Industry Cooperation Committee, Mr Xu Ningning, said there is much potential for further economic development between Laos and China based on existing agreements and regional protocols.
By deepening economic development, innovation will lead to the expansion of comprehensive strategic cooperation relations as well as practical implementation regarding the creation of a strategic partnership between Laos and China, he added.
Stronger formal cooperation would yield real results, including the development of the Laos-China railway as an economic route and greater industrial cooperation, Mr Xu said.
Through the improvement of free trade agreements, it will be possible to increase cooperation in industry by creating more efficient supply chains between Laos and China, he added.
“In China, there are more than 50 trade and business associations in various sectors. We are happy to coordinate with the Lao National Chamber of Commerce and Industry and its various associations to make proposals to the government on ways to improve policies and guidelines for doing business,” Mr Xu said.

By Times Reporters
(Latest Update August 25, 2023)