Minmetals, MMG and the Government of Lao People’s Democratic Republic have agreed to cooperate on strategies for development of the resources sector in Laos.
The Memorandum of Understanding (MoU) was signed at the Presidential Palace in Vientiane on June 16 2010 by Mr. Li Fuli, Vice President of China Minmetals and H.E. Dr. Sinlavong Khoutphaythoune, Minister of Planning and Investment.
The signing ceremony was also witnessed by H.E. Xi Jinping, Vice President of the People’s Republic of China, H.E Bounnhang Vorachit, Vice President of the Lao PDR and MMG LXML Sepon Management.
The agreement paves the way for the exchange of information and experience between Lao and Chinese counterparts on developing a modern and successful resource sector.
The agreement was instigated as a follow up to the official visit of H.E. Choummaly Sayasone, President of the Lao PDR, to the People’s Republic of China in September last year . The MoU notes the common ideology, longstanding bilateral relationship and close strategic friendship shared by the two nations.
The MoU recognises the Sepon Project as being a successful example of modern technology, social development and environmental performance which could be used as a role model in the sector.
In signing the MoU, Minmetals and MMG restated their commitment to high standards in local community development, safety, health, environmental management, employment and in promoting local business opportunities.
The agreement drew on the objectives of the Investment Law and the Government of Lao PDR’s wish to build commercial relationships and engage in closer economic cooperation with foreign businesses in order to promote industrialisation, modernisation and the improvement of the living standards of Lao people.
The MOU signing ceremony held at the Presidential Palace in Vientiane
Mr.Li Fuli, Vice President of China Minmetals and H.E. Dr. Sinlavong Khoutphaythoune, Minister of Planning and Investment.
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