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Chu Lai aims to attract $500m in new investments
Chu Lai Open Economic Zone (EZ) in the central province of Quang Nam aimed to attract US$500 million in investment this year, according to the EZ Management Board.
A recent report by the board revealed that it had granted licences to 12 new projects capitalised at over $556 million in 2010, up 102 per cent year-on-year.
"Investment was fairly good in 2010 and we managed to attract new projects to our prioritised sectors," said Deputy Head of the Board Do Xuan Dien.
"These projects are expected to contribute to provincial economic growth," Dien said.
The projects included a $390 million solar panel plant, a $32 million automobile assembly factory and a $10 million electric generator manufacturing plant.
The latest additions have brought the total number of licensed projects up to 64, worth a combined $1.5 billion. Of the total, 38 are already operational.
However, insufficient infrastructure, sluggish land clearance and a shortage of skilled personal resources remained major challenges for the zone, he said.
During a recent meeting with the board, provincial leaders emphasised the importance of further improving the zone's infrastructure with a focus on transportation and the establishment of an adequate land fund for large projects and speeding up resettlement.
People's Committee Chairman Le Phuoc Thanh said the board should pay more attention to investment promotion.
In the context of a shortage of investment capital, the board needed to focus on key projects, ensure good infrastructure and complete the construction of resettlement areas, he said.
Local authorities would consider revoking investment licences of slow-moving projects, Thanh said, adding that top priority should be given to key projects and investors with adequate financial capacities.
"The board is encouraging investors with experience in infrastructure development to come and invest in the EZ," Dien said.
"We are also developing incentive policies for sectors where there is potential for investment attraction such as automobiles, electronics and electrical components, wood processing and paper production and tourism," he noted.
Overseas investment promotion, mainly in Japan, South Korea, Taiwan and Singapore, was also planned for this year, he concluded.
Late last year, the board organised investment conferences in the two Taiwanese cities of Taipei and Gaoxiong with the participation of 100 Taiwanese businesses.
vietnamnews
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