On February 17, 2023, the signing ceremony of the Memorandum of Understanding on the Feasibility Study of the Development of the Electric Power Industrial Park Economic New Zone Project between the Lao Government and Laos China Power Investment and Development Co., Ltd. was held in the capital of Laos. Entrusted by the Lao Prime Minister's Office, the Ministry of Planning and Investment of Laos, Chinese-funded enterprises in Laos, and Laos China Power Investment and Development Co., Ltd. held a meeting between the Lao government and China Power Investment and Development Co., Ltd. in Nasaithon County, Vientiane City, Laos. The MOU signing ceremony for the feasibility study of the project development feasibility study of the Electric Power Industry Park Economic New Zone was established. Liu Yonglong, Chairman of Laos-China Power Investment and Development Co., Ltd., signed on behalf of both parties.

Create a new economic zone

According to reports, the signing parties stated at the ceremony that the New Economic Zone mainly produces power equipment products, new energy, electrical switching components, power transmission and transformation products, complete sets of electrical automation equipment and urban lighting products.

Liu Yonglong introduced that the construction of the new economic zone will help Laos transform its advantages in power resources into economic advantages, and speed up the construction of the national power industry and national brands; through the development of the power equipment industry, it will drive local employment and increase tax revenue; through the promotion of independent products of power equipment Exports increase foreign exchange income and reduce foreign exchange expenditures. Governments at all levels in Laos attach great importance to the construction of the new economic zone. In addition to providing policy support such as laws, taxation, market and product protection, they also plan to set up a power equipment investment promotion committee to assist the park in attracting foreign investment.

Kunming Yushen Power Cable Co., Ltd. signed a memorandum of understanding with the Lao National Power Company in 2016 on the joint construction of the Laos-ASEAN Power Industrial Park Project; in January 2021, it established a joint venture with the Lao National Power Company to establish Laos-China Power Investment and Development Co., Ltd., and is committed to building Laos The ASEAN Power Industrial Park covers an area of 316 hectares, with a proposed investment of US$800 million, and will be completed in three phases; this signing is to upgrade the industrial park to a new economic zone for planning, construction and management. Editor/He Yuting