A new Chinese company launches in Vientiane
The number of Chinese investments in Laos is increasing after the government gave the green light in order to boost cooperation, trading and the economy.
The Chengdu Bayi (Lao) Investment and Trading Co., Ltd is one of the Chinese companies which was officially launched in Vientiane on Saturday after it saw potential in Laos.
The ceremony was attended Lao government officials from different sectors including the industry and commerce sector and the Government Office, along with Chinese business entrepreneurs.
Laos has rich natural resources, a good culture and is peaceful, which offers good potential for investment, Deputy Minister of Industry and Commerce, Mr Bounmy Manivong said at the opening ceremony.
In previous years, the Lao economy has continually expanded and Laos also shares a border with China and the two countries have a good relationship with each other, he said.
He ensured that the investment of the company in Laos will contribute to the economic development of the country as well as boost the relationship between Laos and China.
Investment in China has increased cooperation in the trading relationship and the investments of both governments.
China has become the top foreign investor in Laos, said Mr Bounmy.
The Chengdu Bayi (Lao) Investme nt and Trading Co., Ltd is in Laos as a part of the Chengdu Bayi Furniture Group development, said Chengdu Bayi President, Mr Wang Xuemao.
The company will operate investment in different areas in Laos such as real estate, the timber industry, import and export trading and business consultancy, he said.
The company plans to construct the Chengdu Bayi trading complex centre in Vientiane with the aim to sell high quality goods such as household equipment, construction equipment, electrical equipment.
It will feature a shopping mall, entertainment and public parking.
Mr Wang believed that the investment of company will encourage more Chinese business operators, especially in Sichuan province.
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