Champassak sees investment spike in recent months
VIENTIANE - Champassak province has approved a total of eight investment projects for both domestic and foreign investors worth a combined total of some 4,500 billion kip (US$562 million) over the first three months of the year, according to a recent repo
The summary of the first quarter's report highlighted the significant achievements and outlines its plan for the second quarter and the whole year's plan.
In the first quarter, two domestic investment projects have been approved by the province's Planning and Investment Department, worth a total of 57 billion kip.
In addition to that, a total of six foreign investment projects valued at more than US$557 million (over 4,457 billion kip) have also been given the go ahead.
So far, the funds for investment projects processed through the banking system amount to US$870,000 (almost 7 billion kip) while a total of US$710,000 (about 5.7 billion kip) has changed hands in cash transactions, and about US$160,000 has been spent on materials (1.3 billion kip).
The report also noted that the banks also loaned a total of 141 billion kip or about 25 percent of the y early plan, of which 42 percent of the loans went to the agriculture and forestry sector, 20 percent went to the industrial sector while the small industry and handicrafts sector received some 5 percent of loans.
In the second quarter of this fiscal year, the province will carry out the implementation of investment projects worth a total of 1 ,941 billion kip.
These investment projects will include government funds of 66.4 billion kip, funds from Official Development Assistance (ODA) of about 381.1 billion kip and funds from domestic and foreign investment projects worth over 1,352 billion kip.
In addition, a total of 93 projects worth over 66.46 billion kip will be carried out utilising both domestic and foreign investment funds.
Champassak province has an obvious potential for investment projects as local authorities in the province have recently granted approval for the establishment of the Pakxe-Japan SME Specific Economic Zone in the province last year.
The establishment of this specific economic zone is aiming to facilitate development and attract more foreign direct investment, especially that of companies and enterprises from Japan.
The zone is also expected to boost local employment prospects as well as attract workers from the outlying districts of Champassak province while a focus will be placed on preserving the environment.
As a result, the province is also set to promote more domestic and foreign investment projects in different fields including the agriculture, tourism and industrial sectors in the years ahead.
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