VIENTIANE, Sept. 21 (Xinhua) -- Lao and Chinese companies have agreed to set up a joint venture of cattle production for export to China.
The Intergrated Agricultural Joint Venture Co., Ltd. from Laos, Tianjin Ringpu Biotech Co., Ltd. from China, and China-ASEAN Innovative Academy for Major Animal Disease Control signed the related memorandum of understanding (MOU) in the Lao capital Vientiane on Wednesday.
According to the MOU, the three parties will set up a joint venture of cattle production, establish technical standards for a large-scale healthy breeding of cattle, set up protocol of major animal disease prevention and control as well as hygiene requirement in efforts to meet quarantine standards for export to China, and carry out industrial training programs.
Their efforts are expected to contribute to the local cause of poverty alleviation and upgrading of the livestock industry in the Southeast Asian country.
Under an intergovernmental agreement, Laos has been granted a quota of 500,000 cattle for export to China.
In 2021, Laos earned more than 900 million U.S. dollars from export of agricultural products, fulfilling 82 percent of its target. China is a key purchaser of agricultural products from Laos, according to data from the Lao Trade Portal website. ■