VIENTIANE, April 22 (Xinhua) -- The friendship between Laos and China has reached new heights with the two neighboring nations' commitment to a shared future, and the Belt and Road Initiative (BRI) is strengthening Laos-China relations, local daily Vientiane Times' editorial desk commented in an opinion article on Monday.
Since the Belt and Road Initiative was instigated in 2013, the two neighbours have been able to build closer political and economic ties. The initiative is also helping Laos improve transport and trade connectivity which brings real benefits to the people of both nations, said the report.
Over the past six years since the establishment of the BRI, Lao and Chinese leaders have made regular visits to conduct policy consultations. As a result, the bilateral relationship has reached new heights, and many are now describing this as the "golden age" of Laos-China relations.
After regular visits and policy consultations, the Lao and Chinese leaders agreed to form a new cooperation partnership in 2017 with the two nations having a shared future and the benefits of strategic cooperation that go with it.
One of the most significant projects that Laos and China agreed to develop as part of the Belt and Road Initiative was the construction of the China-Laos railway, which runs from the Laos-China border to Lao capital Vientiane.
Lao President Bounnhang Vorachit recently visited one of the many construction sites and described the railway as a critical project which will boost economic growth and transform Laos from a landlocked country into a land link.
He also said that once the railway is operational, Lao people would have a much better chance of doing business with Chinese counterparts.
According to a study by the World Bank, one of the challenges Laos is facing is the need to improve its transport system. This will help the country lower transport costs and make it an attractive investment destination.
The Belt and Road Initiative will create conditions for the landlock country to access international markets. As a result, small and medium-sized enterprises will have an opportunity to thrive.
President of the Young Entrepreneurs' Association of Laos, Khamsene Sisavong, said that the close relationship between Laos and China and enhanced transport connectivity would bring improved opportunities for businesspeople from both nations, according to the local daily on Monday.
He said Laos has much potential in agriculture and tourism, adding that enhanced transport connectivity would enable Lao businesses to engage in joint ventures so they can produce goods and food for the Chinese market.
Recognizing business opportunities in Laos, several Chinese banks have expanded their operations here in Laos.
One of the obvious benefits of the BRI is the increasing tourism exchanges between Laos and China. Accordingly, the nations have launched Visit Laos-China Year 2019, aiming to promote tourism cooperation.
The number of Chinese tourists in Laos continues to increase, and has become a vital source of income for Laos. Laos expects more than 1 million Chinese to visit the country this year.
In conclusion, the initiative not only forges a closer relationship between Laos and China, but also brings other positive outcomes for the two nations. In addition, it creates opportunities for Lao and Chinese entrepreneurs to engage in joint ventures and thrive in the future, said the opinion article of the Vientiane Times's editorial desk.
