Dr Boundeth Southavilay, Yang Bo, and other representatives of government departments and the Asia Tobacco Industry Group Co, Ltd. gather to sign an MoU at the Landmark Mekong Riverside Hotel in Vientiane on July 19, 2024. - VT
VIENTIANE: The Department of Planning and Cooperation of Laos’ Ministry of Agriculture and Forestry and China’s Asia Tobacco Industry Group Co, Ltd on Friday (July 19) signed a Memorandum of Understanding (MoU) at the Landmark Mekong Riverside Hotel in Vientiane.
The agreement paves the way for a feasibility study on investment in the development of agriculture and forestry.
Representatives of the two sides sign an MoU on a feasibility study for investment in agriculture and forestry.
The MoU was signed by the Director General of the ministry’s Department of Planning and Cooperation, Dr Boundeth Southavilay, President of the Asia Tobacco Industry Group Co., Ltd, Yang Bo, representatives of the departments of Agriculture, Livestock and Fisheries and Agricultural Land Management, and other company executives, and witnessed by Deputy Minister of Agriculture and Forestry Thongphath Vongmany and other officials from the two sides.
Yang said the project will study the development of agriculture and forestry, spurred by China’s “One Belt, One Road” initiative and the Lao government’s policy to boost the production of goods for export and reduce the volume of imported products.
The Asia Tobacco Industry Group Co, Ltd plans to invest in agriculture and help farmers enhance production, including through the use of modern equipment, improved crop cultivation and livestock rearing methods, more efficient harvesting, larger scale processing, and improved packaging and marketing.
The company will support farmers to cultivate bananas, sugarcane and selected herbs on a commercial basis.
As part of agricultural development, the company will build a crop oil processing plant, a cattle farm, a plant to produce feed for cattle and various aquatic species, and a fertiliser processing plant.
The project will involve the use of modern equipment and farming methods to ensure that crops and livestock are produced in sufficient quantities for domestic supply and for export.
The cooperation scheme is aimed at enhancing food security and agricultural output in rural areas of Laos, while ensuring that agricultural processes are clean, safe and sustainable, thereby improving farmers’ quality of life and national economic infrastructure.
The Ministry of Agriculture and Forestry and Asia Tobacco Industry Group Co, Ltd. will identify project priorities and select areas that have the potential for development and growth, investing in fields that are likely to be successful and achieve targets. - Vientiane Times/ANN
