Laos records 5% rise in investment
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The Ministry of Planning and Investment (MPI) has reported that the value of investment projects in the first 11 months of the fiscal year up to August exceeded that of the previous year.
The ministry reported on Friday that it accepted 52 investment projects from both local and foreign investors worth a total of more than 23.77 trillion kip (Bt94.5 billion, or US$3.04 billion).
“This figure is 5.1 per cent higher than the previous fiscal year,” the report noted.
The energy sector received the largest amount of investment at over 12.2 trillion kip, followed by the mining sector with over 8.57 trillion kip in 37 projects, while 858 billion kip was invested in hotels and restaurants.
The largest amount of investment in energy is for construction of the Nam Ngiep 1 hydropower project in Borikhamxay province with more than 6.77 trillion kip, the report noted.
Building of the 290-megawatt hydropower dam will start next year, with construction expected to be completed in January 2019.
The ministry said nationwide investment came from 12 countries, with China investing the largest amount with more than 10.42 trillion kip, while Lao businesses invested more than 4.13 trillion kip. In third place was Thailand, with companies sinking more than 3.24 trillion kip into projects in Laos.
The government is targeting annual GDP growth of 8 per cent. To achieve this, investment amounting to no less than 13.26 trillion kip (US$1,700 million) must be sourced from local and foreign investors.
