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Video: China, Laos strengthen economic ties

11-05-2012 13:42 BJT

The Asia-Europe Meeting will be held in Vientiane, the capital of Laos, on Monday. Laos has made lots of progress over the past years. On Saturday, Lao Deputy Prime Minister and Minister of Foreign Affairs Thongloun Sisoulith said enhanced China-Laos relations in the new era will be of great significance for the development of both nations, as well as the Asia-Pacific region.

Four days before the Asia-Europe Meeting, construction of the ASEM Villas is complete. It will accommodate Asian and European leaders and their entourages attending the upcoming Ninth ASEM. The 52 villas were built by China CAMC Engineering Company. CAMC began to undertake projects in Laos as early as 1996. It said the villas were different from the previous projects.

Luo Yan, chairman of China CAMC Engineering Company, said, "In the past, we played the role of contractor. We got the capital either from China or local funds. But now we have gradually developed into an investor. This is also a transformation and upgrading of the enterprise. "

Luo Yan said the investment will also promote development of the real estate market in Laos. After the meeting, some of the villas will be put into market for the public. And some locals have booked the buildings.

The CAMC also took part in the infrastructure construction including the alterations of Luang Prabang airport and the Vientiane airport. The highways built with the help of China also stimulated car consumption in Laos.

Laos has imported cars from China, Japan and South Korea. Laos’ media reported that a car factory invested in by a South Korean enterprise will be completed at the end of the year.

In the past two decades, Chinese enterprises have invested about 3.3 billion US dollars in Laos. The bilateral trade between China and Laos reached about 1.3 billion dollars in the first three quarters of this year.

Editor:James |Source: CCTV.com

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