Special economic zone in Laos expects $10 billion in investments

Special Economic Zone In Laos Expects $10 Billion Investments

A special economic zone in northern Laos bordering China is anticipating investment of at least $10 billion to get completed, the developer said.

The Boten Special Economic Zone (SEZ) in Luang Namtha province, some 390 kilometers north of Laos’ capital Vientiane, borders on Mohan in Yunnan province, China, and is part of the rapidly-growing economic cooperation between Laos and China. In the zone, which covers more than 700 hectares, utilities are already being installed, along with a six-lane highway and other infrastructure.

“So far we have invested over $1 billion in the development of the site and we expect that over $10 billion will be needed to complete construction,” Vientiane Times on October 28 quoted Zhou Kun, the president of the Yunnan Hai Cheng Industrial Group, the Chinese developer of the Boten SEZ.

“Land clearance is now 80 per cent complete and we expect the zone to be fully developed in the next ten to 15 years,” he added.

The zone will have separate areas for commerce, banking and finance, logistics, education and medical services, as well as for tourism. Work on the SEZ began in 2016 under a 90-year lease agreement.

Several large foreign companies have invested in construction and site development and a hundred or more companies have already launched business and trade there, according to Zhou, who added that there was no limit to the number of companies and projects that can invest in the zone. Investors from Laos and around the world were welcome to set up business in Boten, he noted.

When complete, over 300,000 people are expected to work and live in the SEZ. This would bring particular benefit to people living in northern Laos, who can take on jobs in the zone. It will also generate taxes for the Lao government and improve infrastructure in northern Laos.

Laos currently has twelve SEZs since the first one, Savan-Seno Special Economic Zone in Savannakhet province, was set up in 2003. About 377 companies from Laos and overseas have thus far invested in the zones which cover a total area of 19,612 hectares with a total registered capital of $8 billion, of which $1.8 billion has already been spent, according to government figures.

SEZs have generated revenues of over $20 million for the government and created 20,000 jobs of which more than 9,000 have been jobs for Lao people.

Share your vote!


Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

A special economic zone in northern Laos bordering China is anticipating investment of at least $10 billion to get completed, the developer said. The Boten Special Economic Zone (SEZ) in Luang Namtha province, some 390 kilometers north of Laos’ capital Vientiane, borders on Mohan in Yunnan province, China, and is part of the rapidly-growing economic cooperation between Laos and China. In the zone, which covers more than 700 hectares, utilities are already being installed, along with a six-lane highway and other infrastructure. “So far we have invested over $1 billion in the development of the site and we expect that...

Special Economic Zone In Laos Expects $10 Billion Investments

A special economic zone in northern Laos bordering China is anticipating investment of at least $10 billion to get completed, the developer said.

The Boten Special Economic Zone (SEZ) in Luang Namtha province, some 390 kilometers north of Laos’ capital Vientiane, borders on Mohan in Yunnan province, China, and is part of the rapidly-growing economic cooperation between Laos and China. In the zone, which covers more than 700 hectares, utilities are already being installed, along with a six-lane highway and other infrastructure.

“So far we have invested over $1 billion in the development of the site and we expect that over $10 billion will be needed to complete construction,” Vientiane Times on October 28 quoted Zhou Kun, the president of the Yunnan Hai Cheng Industrial Group, the Chinese developer of the Boten SEZ.

“Land clearance is now 80 per cent complete and we expect the zone to be fully developed in the next ten to 15 years,” he added.

The zone will have separate areas for commerce, banking and finance, logistics, education and medical services, as well as for tourism. Work on the SEZ began in 2016 under a 90-year lease agreement.

Several large foreign companies have invested in construction and site development and a hundred or more companies have already launched business and trade there, according to Zhou, who added that there was no limit to the number of companies and projects that can invest in the zone. Investors from Laos and around the world were welcome to set up business in Boten, he noted.

When complete, over 300,000 people are expected to work and live in the SEZ. This would bring particular benefit to people living in northern Laos, who can take on jobs in the zone. It will also generate taxes for the Lao government and improve infrastructure in northern Laos.

Laos currently has twelve SEZs since the first one, Savan-Seno Special Economic Zone in Savannakhet province, was set up in 2003. About 377 companies from Laos and overseas have thus far invested in the zones which cover a total area of 19,612 hectares with a total registered capital of $8 billion, of which $1.8 billion has already been spent, according to government figures.

SEZs have generated revenues of over $20 million for the government and created 20,000 jobs of which more than 9,000 have been jobs for Lao people.

Share your vote!


Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

NO COMMENTS

Leave a Reply