Closer engagement in these sectors would strengthen economic cooperation between Laos and China, particularly between Vientiane and Hunan province, in the years to come.
Vice Chairman of the Hunan Provincial Committee of the Chinese People’s Political Consultative Conference Zhang Dafang held talks with the President of the Vientiane People’s Council, Dr Anouphab Tounalom, in Vientiane on Tuesday.
Their talks centred on boosting two-way trade and promoting Laos to Chinese investors, particularly in Hunan province. Zhang Dafang led a delegation to visit Laos from July 25-28 to discuss issues that aim to strengthen relations between Laos and Hunan province.
Hunan province is located in South Central China on the south bank of the Yangtze River.
The province has long been known for its natural beauty as it is surrounded by mountains to the east, west, and south, and by the Yangtze River to the north. Its mixture of mountains and water makes it among the most beautiful provinces in China.
The province has been a major centre of agriculture, growing rice, tea, and oranges.
Concerning agriculture, the two sides agreed to encourage entrepreneurs from Hunan province to invest in the farming of organic vegetables and other crops for export. With regards to tourism, they agreed to persuade business operators in the province to invest in the improvement of facilities for tourists, particularly those from China.
At present, many Chinese know more about Thailand than Laos so a stronger marketing campaign is needed to ensure that people are informed about Laos and its many attractions as well as its business potential.
There is no official report on the extent of investment from Hunan province in Laos, or which sectors are most popular with investors.
Huge investment by China mainly flows from Yunnan province, Hong Kong and Taiwan, and from Beijing.
Laos is now the second most favoured overseas investment destination for entrepreneurs from Yunnan province. The value of investment by this province in Laos has climbed to US$1.04 billion.
But much more needs to be done to promote Laos to Hunan investors so as to boost overall two-way trade and investment cooperation between Laos and China.