Laos, China sign deal on northern provinces business development

THE Lao National Chamber of Commerce and Industry (LNCCI) and the All-China Federation of Industry and Commerce (ACFIC) have inked a cooperation agreement that formalises the close working relationship between the two organisations into the future.

Under the framework of the Belt and Road Initiative, the two sides have agreed to comply with the laws and regulations of Laos and China.

A memorandum of understanding (MoU) on acting on the principle of equal and mutually beneficial cooperation was signed by LNCCI president Oudet Souvannavong and ACFIC executive vice-chairman Xu Lejiang, in Vientiane.

The Economic and Commercial Counsellor at the Chinese Embassy to Laos, Wang Qihui, witnessed the signing ceremony along with trade and investment officials from both countries.

The MoU was signed during a visit to Laos by a Chinese delegation who are in the country primarily to meet businesspeople, especially representatives of small and medium-sized enterprises.

Speaking to the Vientiane Times at the end of the meeting, Oudet said there can be significant cooperation between the business sectors of the two nations because the two governments have already built a strong and close working relationship.

“Under the newly signed agreement, the private sectors of Laos and China will focus on developing industry in various parts of the northern provinces. This industry will help ensure that the Lao people benefit from the Laos-China railway and the new expressway,” he said.

Oudet said the meeting enabled Lao and Chinese businesspeople to interact with each other and that this promotes cooperation in future investment projects.

“After the signing of the cooperation agreement, an office for the Laos-China Business and Investment Committee will soon be established at LNCCI as a point of contact for the Lao and Chinese business communities,” Oudet said.

The Chinese business delegation is on a working visit to Laos from May 26 to 28. They paid a courtesy visit to the Deputy Prime Minister and Minister of Finance, Somdy Duangdy, on Monday morning. The delegation called on the Minister of Industry and Commerce, Khemmani Pholsena, in the afternoon.

The delegation will leave Vientiane for Phnom Penh, Cambodia, on May 29.