China becomes largest investor in Laos

VIENTIANE - China has become the largest investor in Laos with over 5 billion U.S. dollars invested in the country, said Chinese Ambassador to Laos Guan Huabing.

Guan's comments came at the launch of a photo exhibition jointly organized by the Chinese Embassy in Laos, the Chinese Chamber of Commerce in Laos and the Laos-China Cooperation Commission. The series of 83 photographs showcased the past achievements of trade and economic cooperation between the two countries.

As of November 2013, cumulative Chinese investment in Laos reached a figure of 5.085 billion U.S. dollars, making it the largest investor in Laos.

In 2013 the value of trade between Laos and China reached 2.03 billion U.S. dollars, an increase of almost 29.62 percent on 2012.

Guan said that the exhibition highlighted what was possible between the two countries through cooperation.

Guan said the Chinese Embassy aimed to boost bilateral ties as well as trade and economic cooperation in order to increase prosperity for years to come.

Vice President of the Laos-China Cooperation Commission Vichit Xindavong said that the exhibition demonstrated the fruitful cooperation between Laos and China as trade and economic growth figures continue to grow.

"These pictures on display are just a small piece of the achievements in terms of cooperation, however all of the many accomplishments are unable to be shown," Vichit said.

Deputy Prime Minister Asang Laoly, Chinese Ambassador to Laos Guan Huabing, ministers, deputy ministers and senior officials from both countries attended the event.

In 2013, China exported products to Laos worth more than 1 billion U.S. dollars, an increase of 46.41 percent year on year. In the same period of time China imported products from Laos worth approximately 800 million U.S. dollars, a 10.29 percent increase over the previous year.