VIENTIANE, May 29 (Xinhua) -- China Yunnan Construction and Investment Holding Group (YCIH) and the Lao Ministry of Planning and Investment have signed a cooperation framework agreement for the China-Laos expressway in Lao capital Vientiane.
According to the agreement signed on Tuesday, both parties will adhere to the principles of mutual benefit and win-win, joint development, and commercial operation with governments' support, to cooperatively develop China-Laos expressway project. Both parties will jointly invest in the project's construction by stages on basis of "BOT" (Build-Operate-Transfer).
The under-construction Vientiane to Vang Vieng expressway stretches 109.1 km, and will cost around 1.3 billion U.S. dollars. The four-lane highway will save the tour from Vientiane to Vang Vieng for 2.5 hours after completion, with only 1.5 hours drive.
The YCIH told Xinhua on Wednesday that it hopes the China-Laos expressway project will strengthen the bilateral exchange and cooperation in the fields of economy, trade, culture, education and health, promote development of agriculture, industry, commerce, investment, travel sector and increase job opportunities for the Lao people in northern and central regions of the country, thus providing impetus for the country's green and sustainable development.