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Business / Economy

From commodities to satellites: China, Laos seeing more cooperation

(Xinhua) Updated: 2015-12-01 10:44

"With the Belt and Road Initiative and the desire for a win-win cooperation of the two peoples, the economic cooperation between China and Laos needs to be further developed," Wang emphasized.

Beside Yunnan Province Construction Engineering Group, many projects of China's big state-owned enterprises in Laos have also yielded fruitful achievements.

In November alone, apart from the satellite and railway projects, five other large-scaled projects between China and Laos had been launched or completed.

On Nov 6, the river closure of Nam Tha 1 Hydropower project was successful. On Nov 11, the construction of Nam Ngum 3 Hydropower Plant project by the Sinohydro Corporation Ltd. officially began.

The plant, with generation installation of 480 MW, is deemed to be the largest hydropower project invested in by state corporation Electricite du Laos.

Later, on Nov 14, construction of the Laos Houay Lamphan Gnai Hydropower project by China Gezhouba Group Co Ltd had also started.

On Nov 28, the Nam Khan 2 Hydropower project constructed by the Sinohydro Bureau 10 Co Ltd under the Power Construction Corporation of China officially started electricity generation. On Nov 29, Nam Ou hydropower plant constructed by PowerChina Resources Ltd. officially began generating electricity, among others.

Also on Nov 29, construction of the 230KV-northern Laos grid project by China Southern Power Grid was also completed.

According to statistics by the Chinese economic and commercial counselor at the Chinese Embassy in Laos, as of the end of October, China invested some $5.71 billion in Laos cumulatively.

During the first ten months of 2015, China's Foreign Direct Investment to Laos reached $1.22 billion, an increase of 60.7 percent year-on-year.

Nowadays, Chinese businessmen, engineers, and Chinese enterprises can be seen in almost every part of Laos, engaging in various fields from commodity trading, agriculture, mining, to hydropower, transportation, infrastructure construction, satellite, and railway projects.

China has become the biggest foreign investor and donor in Laos, and the second largest trade partner of the Southeast Asian country.

"Economic cooperation between China and Laos has developed rapidly together with the growth of bilateral ties. Cooperation fields have been expanded, especially in high-tech sectors," Zhao Wenyu, Economic and Commercial Counselor of the Chinese Embassy to Laos, told Xinhua.

"I believe that after the launching of Laos' first satellite and the construction of the railway connecting China and Laos, the trade and economic cooperation between the two countries will be further enhanced," he said.

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