Lao and Chinese companies join investment in bio-fuel

Lao and Chinese companies join investment in bio-fuel

(KPL) Lao and Chinese companies agreed to join investment in biomass forest plantation and Lao-Chinese Cooperative Commercial project in Laos.
The signing ceremony of joint investment between the State Enterprise for Agriculture Industry Development, Import-Export and General Services of Laos and the Wuhan Kaidi Holding Investment Company of China took place on 26 November, Don Chan Hotel, Vientiane.
The event was witnessed by Deputy Prime Minister and Minister of National Defence Douangchai Phichith and other high-ranking officials of both sides.
The Wuhan Kaidi Holding Investment Company of China in cooperation with the State Enterprise for Agriculture Industry Development, Import-Export and General Services of Laos will cooperate in establishing the Laos-China Cooperative Commercial Bank with an initial investment of US$30 million in Laos.
For the in biomass forest plantation project, the Chinese company will invest in US$1.8 billion of which US$800 million will spend on biomass forest plantation and for the rest for the construction of factories.
The project aims to produce bio-fuel, organic fertiliser, and develop a hi-tech modern agriculture industry.