VIENTIANE: China is expected to soon become Laos’ top trading partner after the value of trade between the two countries soared to US$8.23 billion in 2024, an increase of 15.91 perc ent on the previous year.
Laos exported US$4.56 billion worth of goods to China, a rise of 21.4 per cent, while imports from China totalled US$3.68 billion, up 9.8 pe rcent.
The figures were reported at the 2024 Annual Summary Meeting of the Laos-China Cooperation Commission last Friday (March 14), which also set priorities for 2025, Pasaxon Newspaper reported.
Minister of Planning and Investment and Chairman of the Laos-China Cooperation Commission Dr Phet Phomphiphak chaired the meeting, which was attended by deputy ministers, state officials, and representatives from provinces involved in Laos-China cooperation. Other individuals took part by video link.
Vice Chairman of the Laos-China Cooperation Commission, Xaysana Sithiphone, said bilateral trade had grown steadily over the past decade, particularly following the start of cross-border rail freight services.
The value of trade rose from US$5.68 billion in 2022 to US$7.09 billion in 2023 and continued to increase in 2024.
A milestone was recently reached in the operation of the China-Laos Railway, which has transported over 50 million tons of freight since its launch in 2021, the Global Times reported.
“The data indicates sustained growth and significant untapped potential. It is projected that China will soon become Laos’ top trading partner,” Xaysana said.
In 2024, Laos’ top three trading partners were Thailand, China and Vietnam, respectively, according to the Department of Foreign Trade’s website.
Chinese investment in Laos has expanded steadily since the Lao government introduced policies to promote trade and investment.
Since 1989, China has funded 927 projects worth more than US$18 billion, making it the largest investor in Laos out of 53 countries and regions. Chinese investments are mainly in the fields of energy, mining, services, and agriculture.
The meeting endorsed a decree that strengthens the role of the Laos-China Cooperation Committee in promoting and attracting investment.
Participants also contributed to the draft of the third five-year Economic-Technical Cooperation Plan for 2025-2029, which will guide future collaboration between the two countries.
Discussions also covered regulations and management mechanisms for Chinese aid projects in Laos.
Participants assessed weaknesses in past cooperation and identified solutions to improve future projects, aiming to ensure alignment with Laos’ economic priorities and the effective implementation of high-level agreements. - Vientiane Times/ANN
