VIENTIANE, Laos, May 28 (NNN-KPL) – The Lao National Chamber of Commerce and Industry (LNCCI), and the All-China Federation of Industry and Commerce (ACFIC), have inked a cooperation agreement that formalises the close working relationship between the two organisations.
Under the framework of the China-proposed Belt and Road Initiative, the two countries agreed to comply with the laws and regulations of Laos and China.
A Memorandum of Understanding (MoU), on the principle of equality and mutually beneficial cooperation was signed by LNCCI President, Oudet Souvannavong and Executive Vice Chairman of ACFIC, Xu Lejiang, in the Lao capital, Vientiane. The MoU was signed during a visit to Laos by a Chinese delegation, who were primarily to meet business people, especially representatives of small- and medium-sized enterprises.
“Under the newly signed agreement, the private sectors of Laos and China will focus on developing industry in various parts of the northern provinces. This industry will help ensure that the Lao people benefit from the Laos-China railway and the new expressway,” he said.
Oudet said, the meeting enabled Lao and Chinese business people to interact with each other and promote cooperation in future investment projects.
The Chinese business delegation is on a working visit to Laos from Sunday to Tuesday (today). The delegation will also visit Cambodia’s capital, Phnom Penh, on Wednesday (tomorrow).– NNN-KPL