A promotion fair designed to attract more investment to Laos is held in Nanning, capital of Guangxi Zhuang autonomous region, on June 11 both online and on-site. [Photo/CAEXPO Secretariat]

A fair designed to promote more investment in Laos was held online and on-site in Nanning, capital of Guangxi Zhuang autonomous region, on June 11, and saw representatives gather from more than 100 Chinese companies with investment intentions in Laos.

The fair, part of a series of events organized to mark Laos being the Guest Country of Honor at the 18th China-ASEAN Expo, was expected to boost investment and cooperation between Chinese companies and Laos in areas spanning agriculture, forestry and tourism.

Wang Lei, secretary-general of the CAEXPO Secretariat, said that the previous CAEXPO events have promoted communication and cooperation between China and Laos. 

Bilateral trade between the two countries stands at $3.55 billion in 2020, making China Laos' second largest trading partner and its biggest source of foreign direct investment. More development opportunities are set to be created by the China-Laos Railway, which is scheduled to be put into operation in December this year. 

Virasack Somphong, the consul general of Laos in Nanning, said that Laos enjoys rich natural resources including the Mekong River and its tributaries, and has huge potential for developing hydropower projects. He expressed his hope that more Chinese companies can invest in Laos. 

The consul general noted that the new railway will facilitate logistics between China and Laos and shorten the travel time between the two countries. 

He added that the past three decades have seen significant achievements in economic and trade cooperation between ASEAN and China, and he believes that the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement will further boost investment between two parties and contribute to the regional economic recovery.